Todays Pick

Zee Entertainment Enterprises (₹166.2):Sell

BL Research Bureau | Updated on July 14, 2020 Published on July 15, 2020

Investors with a short-term perspective can consider selling the stock of Zee Entertainment Enterprises at current levels. The stock tumbled 4 per cent with good volume on Tuesday, breaching a key support at ₹170. Moreover, the stock has also conclusively breached its 21- and 50-day moving averages and closed well below these moving averages indicating selling interest.

In early June, the stock had met with a key resistance in the band between ₹200 and ₹210 and resumed its intermediate-term downtrend. After moving sideways at around ₹170 for more than a month, the stock now appears to have continued to trend downwards. There has been decrease in daily volume over the past four trading sessions.

The daily relative strength index is trending downwards in the neutral region and is likely to enter the bearish zone from the neutral region and weekly RSI is also on the brink of entering the bearish zone. Further, the daily price rate of change indicator is featuring in the negative territory implying selling interest.

The short-term outlook is bearish for the stock. It can continue to trend downwards and reach the price targets of ₹159 and ₹156 in the coming trading sessions. Traders can sell the stock with a stop-loss at ₹170. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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

Published on July 15, 2020
This article is closed for comments.
Please Email the Editor