1) Bearish divergence
2) Double bottom - buy at bounce back -- SL 490
3) Both SUN and ZEE has been posting strong ad revenue growth and good bottom line but stock has been under performing to squeeze out weak hands
4) Consumer companies have been performing well, which gives strong visibility of revenue growth for atleast 1 year
Zee Entertainment has been trading within a parallel channel. Once can look forward to buy at CMP and on dips upto 505 for a target of 625/700/760. SL below 485 is recomended
It is been observed on the daily chart that the price action breaks below 470 support levels indicating bears dominance and now it shall further down towards next support levels at 442-438 levels.
Target: 442
SL: 480
As per Elliott Waves, it is been observed that the price action has completed 5 waves by reaching to 585 levels today. Wave 5 was counted as Extension of Extension Wave which made it the largest among rest waves. Now, it is a good time to look for a short opportunity. I believe a double top can be seen in few days which may act as a good opportunity to short....
Just breaking out from a consolidation, expected to reach 506-507 and make a double top at the resistance level Intraday gain expected 3-4 SL 497 (3-4)
Risk Reward: 1:1
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