MTF Stock Pick Buy Zee Entertainment Enterprises Ltd For Target Rs. 250 - HDFC Securities
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MTF Stock Pick Buy Zee Entertainment Enterprises Ltd For Target Rs. 250- HDFC Securities
TECHNICAL OBSERVATIONS
ZEEL has been consistently falling in the last few weeks after testing a high of 261 in Februay 2021.
The stock has found support around the 179 levels which also roughly coincides with a previous intermediate low tested in October 2020. This implies a double bottom formation on the weekly charts.
Today, the stock has broken out of the 179-202 trading range on the back of healthy volumes. This augurs well for the uptrend to continue.
Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Zee Entertainment Enterprises Ltd Up to 1-3 Months @ Buying Range 201-205.5 CMP 203.5 TGT 250 SL 188
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