ZEE Ent's Rise: Listening to Dalal Street's Market WhispersDisclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers: Can you hear them?
Fundamentals:
Institutional Trust:
A significant holding by Domestic Institutional Investors (DIIs) compared to Foreign Institutional Investors (FIIs) indicates strong domestic confidence. This is backed by interest from major fund houses like ICICI Prudential, Nippon India, and HDFC Mutual.
Potential:
The DII trust and backing from prominent fund houses suggest potential for positive surprises in the stock market. In a market where news plays hide and seek, the strong interest from these institutions could be seen as the market whispering its confidence in ZEE's potential. It's as if "Wavetalks - Market whispers, can you hear them?" becomes a reality.
Technical Analysis:
Historical Performance:
Since January 2018, the stock fell from highs of 619 to lows of 114 in March 2020, a drop of about 81.5%. This was during the early phase of COVID-19, indicating that market prices often anticipate events & discount them. After all, Price is God.
Recovery and Fluctuations:
Post-March 2020, the stock recovered to 378 by December 2022 but again fell to 165-170 in June 2023. The last six months of 2023 saw another rally to around 299/300.
Current Trend and Outlook:
The stock crossing the 300 mark is a key trigger, potentially leading to retesting of the December 2022 highs (378) and possibly extending towards 400-425.
Sony Group Corp. Board Meeting:
The upcoming decision on the $10-billion merger with Punit Goenka-led media conglomerate is a critical factor. Positive news could further boost the stock.
Wave Analysis:
Probability:
There's a 75% chance, according to wave analysis, that the stock will make new highs above 300 in the coming months.
Key Levels:
Traders should watch for psychological levels like 250 and 300 for trading opportunities.
Conclusion:
Wait and Watch:
The outcome of the Sony Corp board meeting is crucial. It's important to monitor the stock closely for any upward movements.
Trading Strategy:
Considering the stock's volatility and potential, traders should be alert to key price levels and news updates for timely decisions.
From
WaveTalks
Market whispers!
