IIFL is bullish on TV Today Network and has recommended buy rating on the stock with a target of Rs 100, in its August 18, 2010.
"In our view, TV Today has completed its downfall and has created a medium term support around the levels of Rs 86-87. From the current level, the stock is more likely to move upwards. The daily RSI has also given a positive divergence, indicating that price would start moving up. From the first week of December 2009, the stock has been on a swift decline from a peak of Rs 151 to a low of Rs87. Yesterday, the stock surged sharply with impressive volumes and closed above its 20-DMA. If the stock manages to sustain above Rs 93-94 it could bounce see an upside upto levels of Rs 100. Based on the above evidences, we recommend high risk traders to buy the stock above Rs 93 with stop loss of Rs 90 for target of Rs 100," says IIFL research report.
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