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We recommend a buy in Balaji Telefilms from a short-term perspective. The stock’s intermediate-term downtrend from its November 2007 high of Rs 388 got arrested at around Rs 165 in mid April 2008. Since then, the stock was on a sideways consolidation phase in a narrow range between Rs 165 and Rs 180 for more than a month. However, in late May, the stock broke out of the sideways range as well as the 21 and 50-day moving averages conclusively (showing signs of bullishness). The stock is currently trading well above the 21 and 50-day moving averages. The daily momentum indicator is likely to re-enter the bullish zone from the neutral region. The moving average convergence and divergence has displayed a positive divergence and is featuring in the positive territory. Our short-term forecast for the stock is bullish. We expect the stock to move up until it hits our price target of Rs 222 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining the stop-loss at Rs 185 level.

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