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We recommend a buy in the stock of Dish TV India from a short-term perspective. It is apparent from the charts of the stock that after taking support at Rs 53 from May this year, it started trending higher. Since then, the stock has been on a medium-term uptrend. However, following a near-term correction, the stock found support at around Rs 65 last week, after retracing 50 per cent Fibonacci retracement level of prior up move. Subsequently, the stock continued to move upwards.
On Tuesday, the stock jumped six per cent accompanied by above average volume, breaking through a key immediate resistance as well as 50-day moving average at Rs 68. Moreover, the stock is hovering well above its 200-day moving average. The daily as well as weekly relative strength indices are moving higher in the neutral region towards the bullish zone.
We are bullish on the stock from a short-term perspective. We anticipate its up move to prolong and reach our price target of Rs 72.5 or Rs 75 in the approaching trading sessions. Traders with a short-term perspective can consider buying the stock with stop-loss at Rs 68.
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