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Shares of Zee Entertainment Enterprises Ltd fall as much as 2.64 per cent to Rs 431.5, their lowest since February 18.
The stock breaks below a support at Rs 442, the 14.6 per cent Fibonacci projection level of the downtrend from May 2 high to January 25 low. It also breaks below its 50-day exponential moving average, seen as a bearish sign. This suggests stock may test a support at Rs 413.05 in near term, the 23.6 per cent projection level.
Since testing a resistance at Rs 486.95 earlier this month, stock is forming lower crest and troughs, seen unfavourable for the stock. MACD is below its signal line
The stock was down about 7 per cent this year as of last close, while the broader NSE Index is up 6 per cent in the same period. The stock of Zee Entertainment closed lower at Rs 435.25, down by 1.8 per cent.
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