IIFL is bullish on Zee Entertainment and has recommended buy rating on the stock with a target of Rs 135 in its November 30, 2011 research report.
"Zee Entertainment Enterprises has given an upside breakout after consolidating in rounding bottom formation which resembles bullish structure and closing above its 200-DMA. Breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable upmove. Since rounded bottom formation occurs at the end of downtrend, this suggests the stock is ready for an upmove. The daily momentum indicators suggest a positive divergence. We expect the stock to touch Rs 132 in the near term. Traders can buy the stock above Rs 125 with a strict stop loss of Rs 121 for a target of Rs 135. (Duration 5 days)," says IIFL research report.
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