Dish TV surged almost 4 per cent breaching a key hurdle at ₹49 on Wednesday. Investors with a short-term perspective can take this opportunity to buy the stock at current levels. Following a short-term downtrend from the important resistance at ₹60, the stock found support at ₹45 in mid-February. This level is a key long-term support. Thereafter, the stock changed direction.

The stock has been on a nascent uptrend since then. It has surpassed the 21-day moving average last week, displaying bullishness. Volumes are increasing over the past four trading sessions. The relative strength index on the daily chart is on the brink of entering the bullish zone from the neutral region. Those indicators on the weekly chart are featuring in the neutral region. As the stock has decisively breached its key resistance and the current uptrend is backed by good volumes, its short-term outlook is bullish. The stock can continue its uptrend and reach the price target of ₹53 and then to ₹54 in the coming trading sessions. Buy the stock with a stop-loss at ₹49.4 levels.

(This article was published on February 27, 2014)
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