Media stocks buzz after NDTV's Q3 nos; Tv18, Saregama can rally up to 25%

Dish Tv too has bounced back from its major support level and can gain up to 8 per cent. Nazara Technologies, however, looks weak.

Shares of New Delhi Television (NDTV) surged and were locked at the 20 per cent upper circuit in trades on Thursday, after the media firm reported a consolidated net profit of Rs 27.6 crore in December quarter (Q3FY22). NDTV said its Q3 was the most profitable quarter for the group in the last nine years. READ MORE

Pursuant to which media shares were in limelight today, here's what the charts indicate for the trend going ahead.

TV18 Broadcast Limited (TV18BRDCST)
Likely target: Rs 100
Upside potential: 25%

The shares of TV18 Broadcast Limited touched a new 52-week high in trades today and continue to trade with a strong bullish bias. The bigger outlook indicates major support for the stock at Rs 60 and if the stock defends this mark, the overall trend could provide a jump towards Rs 100 level, based on the daily chart. The formation of “Higher High, Higher Low” further strengthens the positive sentiment.  CLICK HERE FOR THE CHART
 
Saregama India Limited (SAREGAMA)
Likely target: Rs 4,554 and Rs 4,928
Upside potential:  9% to 18%

Saregma shares were locked at the 5 per cent upper circuit after trendig closer to the support of 200-day moving average (DMA), placed at Rs 3,758. The trend now looks headed in the direction of Rs 4,554 and Rs 4,928 levels, which are its 100-DMA and 50-DMA respectively.  CLICK HERE FOR THE CHART
 
Dish TV India Limited (DISHTV)
Likely target: Rs 18
Upside potential:  8%

The Relative Strength Index (RSI) bounced back from the oversold territory, right after the stock managed to climb above the 200-DMA lately. This support of 200-DMA continues to witness buying momentum subsequently, according to the daily chart. Thus, as long as the level of Rs 16, its 200-DMA, is protected, the positive bias could jump towards Rs 18, which is level near to its 50-DMA and 100-DMA. CLICK HERE FOR THE CHART
 
Sun TV Network Limited (SUNTV)
Likely target: Rs 555 and Rs 580
Upside potential:  7% to 11%

As and when Sun TV Network sustains above Rs 520 with strong volumes, the rally could triger a sharp move towards Rs 555 and then to Rs 580 levels. Yesterday, the volumes experienced a significant jump with a move above Rs 520, this highlights the intent of a breakout. In addition, the Moving Average Convergence Divergence (MACD) is on the verge to rise above the zero line, a critical aspect in the upward trend. CLICK HERE FOR THE CHART
 
Nazara Technologies Ltd (NAZARA)
Outlook: Stay cautious

The outlook remains cautious as the stock violated the 200-DMA, currently set to Rs 2,062 level. Moreover, the MACD has steeply fallen below the zero line, indicating a loss of momentum. At the present situation, it is reflecting a slight reversal, but unless a decisive move with firm volume does not appear, it is feasible to stay side-line.  CLICK HERE FOR THE CHART