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We recommend buying in the stock of Dish TV India from a short-term perspective. It is evident from the charts of the stock that it has been on an intermediate-term uptrend from its May 2010 trough of Rs 34. Moreover, the long-term trend is also up for the stock since its October 2008 low of Rs 11.7. The stock found support at its long-term support level of Rs 55 in early February 2011 and resumed its uptrend. Since then the stock has been on a budding short-term uptrend.
On Thursday, the stock emphatically broke through its medium-term resistance level at Rs 64 by surging 4 per cent. There is an increase in volumes over the past two trading sessions. The stock is trading well above its 50 and 200-day moving average. The 14-day relative strength index has entered the bullish zone and weekly RSI is on the verge of entering this zone from the neutral region. Both daily and weekly moving average convergence divergence indicators are featuring in the positive territory implying upward momentum.
Our short-term outlook on Dish TV is bullish. We expect it to continue its rally until it touches our price target of Rs 68 or Rs 71 in the forthcoming trading sessions. Short-term traders can buy the stock with stop-loss at Rs 64.
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