Technical Analysis

Zee Entertainment Enterprises (₹307.1): Buy

Yoganand D BL Research Bureau | Updated on November 21, 2019

Investors with a short-term horizon can buy the stock of Zee Entertainment Enterprises (ZEEL) at current levels. The stock jumped 7.5 per cent accompanied by above average volume and managed to close above a key resistance at ₹300.

After recorded a 52-week low at ₹203 in early October this year, the stock changed direction. Since then, it has been in a short-term uptrend. In early November, the stock witnessed a sharp rally and began to move sideways with a positive bias. An immediate support at ₹280 had been providing base for the stock over the last two weeks. It has also breached the 50-day moving average and trades well above it.

The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI hovers in the neutral region. There has been an increase in daily volume over the past two weeks.

The stock has the potential to trend upwards and reach the short-term price targets of ₹320 and ₹326 in the ensuing trading sessions. Traders with a short-tern view can buy the stock with a stop-loss at ₹300.

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

Published on November 21, 2019

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