Stock Picks - Buy TV18 Broadcast Ltd For Target Rs.50 - ICICI Direct
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Technical Observations
* The media stocks has witnessed renewed buying interest in the last few months. TV 18 Broadcast is our preferred pick within the media space.
* The stock after the recent strong up move from | 33.20-55.80 has witnessed shallow retracement in the last two weeks. It is currently rebounding taking support at the 50 days EMA and the rising demand line joining lows since April 2021, thus offers fresh entry opportunity with a favorable risk reward set up
* Going ahead we expect the stock to resume up move and head towards | 50 levels being the 61.8% retracement of the entire previous decline (| 55.80-43.00)
* Among the oscillators stochastic has generated a buy signal moving above its three periods average thus validates positive bias.
Buy TV18 Broadcast Ltd @ 44.50-45.80 TGT 50 SL 43
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