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Technical Observations

* The share price of ZEE Entertainment has generated a breakout above the falling channel containing last two months decline signalling resumption of up move and favourable risk reward

* Key point to highlight is that the stock has closed above its previous weeks high after 8 weeks decline and 20 day EMA, indicating improvement in sentiment. Base formation at 80% retracement level signifies buying demand at lower levels, thus offers fresh entry opportunity to ride next leg of up move

* Going ahead we expect the stock to resolve higher and head towards |264 levels in the coming weeks as it is the 50% retracement of April 22 – May 22 decline (| 308-222)

* On the oscillator front, daily Stochastic is in rising trajectory thus validates positive bias.

Buy ZEE Entertainment Ltd @ 240.00-245.50 TGT 264 SL 227

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