Thursday, 2 February 2017

INVEST IN ZEEL FUTURE FOR BETTER RETURN

“BUY ZEEL ABOVE 505 TGT 519/530 SL 490”
READ MORE TO KNOW TECHNICAL BASIS :
Zee Entertainment announced the launch of two new channels, Zee Bollymovies and Zee Bollynova, which will broadcast on Africa's new pay-TV network Kwes TV. Zee posted strong performance in Q3 despite advertising revenues shrinking at just 3.4% yoy. Subscription growth managed to record a lower teen growth at 13.7% while the overall topline grew at 3.4% slightly above our expectations. Hiving off of the sports business will offer a good riddance from a business which was dragging down the profitability. This will lift up the margins from FY18E. In line with this, we have raised our sales as well as margins estimates slightly for FY17E & FY 18E and have introduced FY19E estimates arriving at a target price of Rs 583, an upside of 22%. Maintain BUY.. It is expected to continue the bull run with the crossing of the resistance level of 505, as the stock is sustaining above its 200 and 50&22 days moving averages with 765  RSI. One may initiate the long position above the mentioned level for the targets of 550,580 and with the strict stop loss of 490.
SENSEX ENDS HIGHER; NIFTY ABOVE 8730
The Nifty started the session on a negative note by opening at 8,730 levels. It recorded an intra-day high at 8,773 but failed to sustain the momentum. After witnessing selling pressure the contract declined and registered an intra-day low at 8,697 levels. It is likely to remain in a sideways band between 8,700 and 8,737. However a strong slump below the immediate support level of 8,700, can take the contract down to 8,680 and 8,650 levels.
Traders with a short-term perspective should tread with caution as long as the nifty. Strong rally beyond 8,737, can take the contract higher to 8,750 and then to 8,775 levels in the near term.
        Technically, Indian stock Market is in positive zone including Nifty, Sensex and BankNifty. We would see some profit booking after a big yesterday’s rally but overall market is now headed towards 9000 levels for Nifty. Traders should go long at every dip in the market. BankNifty is very strong and would see further rally in days to come. The support for the Nifty is 8675-8615-8600-8570-8550 and the resistance to the up move is at 8750-8775-8807-8840-8900 levels.



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