Network18: Eyeing 72 on BreakoutDetails:
Asset: Network18 Media & Investments Ltd.
Breakout Level: 55
Potential Targets: 62, 68, 72
Stop Loss: 50
Timeframe: Short to Medium Term
Rationale:
Network18 is trading near the upper boundary of a descending channel pattern and is showing signs of breaking out above ₹55. Volume buildup and consolidation near resistance indicate strong buying interest.
Market Analysis:
Technical Setup: Channel breakout in progress, supported by increasing volume.
Catalysts: Positive sector momentum and recovery in media & entertainment space.
Risk Management:
Stop Loss: ₹50 to limit downside in case of false breakout.
Capital Allocation: Prefer small-to-medium position due to relatively volatile price action.
Risk-Reward Ratio:
Favourable with an upside potential of ~30% from breakout level.
If sustained above 55, Network18 may witness a strong uptrend towards the ₹72 zone.
