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Shares of Zee Entertainment hit a new 52-week high, post receiving an approval for merger with Culver Max Entertainment (Sony) from National Company Law Tribunal (NCLT) on Thursday.The stock price conquered the Decembers 2022 high, during which the proposed merger was announced.
Furthermore, the stock up move has surpassed all the key weekly moving averages (WMA) such as 200-WMA, 100-WMA and 50-WMA on a decisive note, initiating fresh breakout.
On Friday, while share price of Zee Entertainment Enterprises witnessed a cut of over 3 per cent, other media houses followed suit. Barring Network18 Media & Investments, all other stocks like TV Today, Sun TV Network, and New Delhi Television were trading approximately 21 per cent lower.
Here's the technical outlook post NCLT's approval:-
Here's the technical outlook post NCLT's approval:-
Zee Entertainment Enterprises Ltd (ZEEL)
Outlook: Overall trend is headed to Rs 500
On the daily time frame, the stock is developing “Higher High, Higher Low” formation, displaying a robust uptrend in progress. The 200-day simple moving average (SMA) situated at Rs 217 plays a crucial role in holding this upside bias. Until this support is guarded, the upward rising trend is anticipated to experience the accumulation, with aiming to hit Rs 500.
On a short-term trend, the Rs 240 remains the immediate support with stock aiming for Rs 315-mark. The trend has seen bullish momentum in the overbought category of the Relative Strength Index (RSI), demonstrating that the underlying momentum to stay compelling. CLICK HERE FOR THE CHART
TV Today Network (TVTODAY)
Outlook: Breakout over Rs 216
Shares of TV Today Network must close over Rs 216 on a decisive note to breakout of the “Ascending Triangle” pattern, as per the daily chart. When that happens, the price action could see Rs 240. The support for the trend stays at Rs 195. CLICK HERE FOR THE CHART
Network18 Media & Investments Limited (NETWORK18)
Outlook: Stock appears to rise further
The stock has managed to scale over the 200-SMA placed at Rs 61.60, with price action highlighting a bullish bias. The stock may rise towards Rs 68, which is the present reversal mark, as per the daily chart. The support for the upward bias locates at Rs 59. CLICK HERE FOR THE CHART
Sun TV Network Ltd (SUNTV)
Outlook: Moving towards Rs 600
While there is a breakout of “Cup and Handle” pattern, the price action now needs to surpass the hurdle of Rs 560 with a strong rally. The support for the trend stays at Rs 520 and if the counter manages to break through Rs 560, the trend might see an upside to Rs 600-level. CLICK HERE FOR THE CHART
New Delhi Television Limited (NDTV)
Outlook: Sideways trend
The stock continues to experience selling pressure in the range of Rs 250 to Rs 240 and unless this range is not conquered, the trend may remain sluggish. On the downside, support for the stock exists at Rs 225.The broader structure on the charts reveals a sideways price action. CLICK HERE FOR THE CHART
