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We recommend a buy in Zee News at current market price from a short-term perspective. From the charts of the Zee News, we see that the stock has been on a steady long-term uptrend from January 2007 low of Rs 30. However, after marking an all-time high of Rs 92 on January 1, 2008, the stock made a corrective decline to the long-term up trendline. Subsequently, the stock found the support at around Rs 50 and resumed its long-term uptrend. The stock is currently trading well above the 200-day moving average line and is testing resistance at Rs 70. The daily momentum indicator has recovered from the bearish zone and is rising toward the bullish region. The immediate support for the stock is at Rs 60 and the next key support level is at Rs 50. Taking into account the fact that the stock’s long-term uptrend line remains intact, we expect the stock to break the current resistance and rally further to the key resistance level of Rs 78 in the short-term. Short-term investors can buy the stock while keeping the stop-loss at Rs 59 level.

Yoganand D.

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