Business Daily from THE HINDU group of publications
Wednesday, May 21, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, May 21, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a buy in Entertainment Network India from a short-term perspective. It is evident from the chart that the Entertainment Network India was on a medium-term downtrend from its December 2007 high of Rs 700 to its March 2008 low of Rs 332. However, this downtrend appears to have got arrested at around the March low; the stock has been moving higher since then. In the recent times, the stock crossed over the 21 and 50-day moving averages in the daily chart, which is a bullish signal. The volume, traded over the past two trading sessions, has also been above average. The daily Relative Strength Index is also featuring in the bullish zone. Besides, the daily moving average convergence and divergence, which is featuring in the positive territory, is also in line with the uptrend. We are bullish on the stock in the short-term. We expect the stock to move up to our price target of Rs 480 in the forthcoming trading sessions. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 410. Yoganand D.More Stories on : Stocks | Recommendation
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