Technical Analysis

Trading call | Zee Entertainment Enterprises (₹159.2): Buy

Yoganand D BL Research Bureau | Updated on May 22, 2020

The stock of Zee Entertainment Enterprises has climbed 3.6 per cent with good volume in today's session. It has reversed higher from a key support at ₹150. Traders with a short-term view can buy the stock at current levels.

Following an intermediate-term downtrend, the stock recorded a 52-week low at ₹114 in late March this year. Subsequently, the stock changed direction triggered by positive divergence on the daily relative strength index. Since then, it has been trending upwards. For the past one month the significant support at ₹150 has been providing base from the stock. The daily RSI is charting higher in the neutral region. Besides, the daily price rate of change indicator is in the positive terrain indicating buying interest.

The near-term stance is bullish as long as the stock trades above the key support level of ₹150. Traders can buy the stock in dips with a stop-loss at ₹154. The stock can trend higher to ₹166 and ₹169 in the coming trading sessions.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on May 22, 2020

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