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Technical Positional Pick - Buy Network18 Media & Investments Ltd For Target Rs. 57 - HDFC Securities 

TECHNICAL OBSERVATIONS

After showing a downtrend in the last one month, the stock price has witnessed a sustainable upside bounce till now, as per weekly time frame chart.

The present upmove in the stock price suggest a sharp upside breakout of the range movement of the last few weeks.

The stock price is expected to reach up to the immediate hurdle of the range move at Rs 58 levels in the next few weeks, as per its present strength of upside momentum.

The volume has started to expand during upside breakout in the stock price and weekly DMI/ADX shows positive signal.

The overall chart pattern of NETWORK 18 indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy Network18 Media & Investments Ltd Up to 3 Months @ Add on dips 48.20 CMP 51.25 TGT 57 SL 46.80

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