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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.
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