Stock to buy for short-term: Zee share price extends rally to sixth session. More upside ahead?
Stock to buy for short-term: Zee Entertainment Enterprises Ltd (ZEEL) share price gained nearly 2% on Wednesday, extending its rally for the sixth consecutive session, amid heavy buying interest. Zee shares rose as much as 1.98% to ₹ 125.60 apiece on the BSE.
Zee share price has jumped more than 18% in the past six consecutive trading sessions. On Tuesday alone, Zee shares spiked 5.12% after a favourable ruling by Arbitral Tribunal in Siti Networks loan case.
On the technical front, analysts believe Zee share price is on the cusp of a decent rally in the short-term. Brokerage firm Anand Rathi has recommended Zee as a stock to buy for short-term.
Zee share price is nearing a critical technical juncture, supported by a strong confluence of time and price factors, Anand Rathi said.
'Zee stock price aligns with a 434-day cycle and is trading near the key Gann level of 432 (144 × 3), indicating a potential time / price squareout. A bullish inverse head and shoulders pattern has recently formed on the daily chart, with a successful neckline breakout followed by a retest, adding reliability to the setup,' said the brokerage house.
Based on this setup, Anand Rathi analysts recommend a long position in Zee shares in the ₹ 117 – ₹ 121 zone, with an upside target of ₹ 146. A stop-loss should be maintained below ₹ 105 on a daily closing basis to manage risk effectively.
The timeframe for the trade is three months, and the Zee share price target of ₹ 146 implies an upside potential of nearly 19% from Tuesday's closing price.
At 10:30 AM, Zee share price was trading 1.14% higher at ₹ 124.55 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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