Comments
The stock of Zee Entertainment Enterprises tumbled almost 5 per cent on Friday accompanied by above average volume and broke decisively below a key immediate support at ₹500 on Friday. This fall has strengthened its short-term downtrend that has been in place fromits all time high of ₹591 recorded in early October 2016. While trending down, the stock conclusively breached its 21- as well as 50- in mid-October and found support at ₹500.
Although the support provided base for almost three weeks, the stock breached it due to selling pressure last week. The short-term outlook isbearish for the stock. There is an increase in daily volume over the past three trading days. Both the daily and weekly price rate of change indicators are hovering in the negative territory implying selling pressure. The stock can extend its downtrend and reach the price targets of ₹462 and then ₹452. Traders with a short-term horizon can sell the stock with a stop-loss at ₹492 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.