Stock Pick - Buy TV18 Broadcast Ltd For Target Rs. 37.50/42 - HDFC Securities
* The attached weekly timeframe chart of this Media stock (TV18BRDCST) indicate sharp upside breakout in this week.
* After moving in to a larger range over the last few months, the stock price has witnessed a sharp upside breakout of Rs 32 (Down sloping trend line) and is trading higher.
* The recent upmove also signal an upside breakout of a triangle pattern. Hence, one may expect more upside pattern target of around 41-42 levels, which could be achieved in the next few months.
* Volume has expanded during upside breakout of the stock price and weekly 14 period RSI shows positive indication.
* The overall chart pattern of TV18BRDCST indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy TV18 Broadcast Ltd @ 34.20 -31.60 CMP 33.70 TGT 37.50/42 SL 30.80
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