Stocks

Zee Entertainment : Buy

Updated on: Apr 12, 2011
image caption

We recommend a buy in the stock of Zee Entertainment from a short-term perspective. The stock is in a medium-term uptrend since the January-18 low of Rs 106. It is also moving higher forming higher peaks and troughs since then. The stock took support from this medium-term uptrend line on Monday and reversed higher. The bullish engulfing candle formed in the daily chart is encouraging.

The stock also took support from its 21-day moving average in the last session and moved higher. The moving average convergence divergence oscillator in the weekly chart is signalling a buy while the 14-week relative strength index is in the neutral zone on the verge of moving in to bullish zone.

The near-term outlook for the stock is bullish, and it has the potential to move up to Rs 129 or Rs 132 in the upcoming sessions. Short-term traders can, therefore, buy the stock with stop at Rs 125.

Published on April 26, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you