Mid Day Multimedia has target of Rs 70-75: R Jain

Excerpts from Your Stocks on CNBC-TV18 Watch the full show » RELATED NEWS Exit Mid Day Multimedia: VVLN Shastri ALSO READ See previous views by Rajesh Jain See what other Experts & Brokerages are saying about Next Mediaworks See messages about Next Mediaworks Next Mediaworks BSE | NSE 10/02/12 Are Mutual Funds betting on Next Mediaworks?

Rajesh Jain of SMC Global Securities is of the view that Mid Day Multimedia has target of Rs 70-75.

Jain told CNBC-TV18, "Mid Day Multimedia is trying to come out of a long consolidation sideways zone of one and a half year. In fact this is one of the stocks something like when it moves after consolidation I would suggest every closing higher by Rs 5 from current levels one should rather buy more because it is building in the momentum and this market currently is a momentum driven market. I see a target of Rs 70-75 going ahead the way it is consolidating and the way it is coming up. It has strong support at Rs 50-52, the worst-case scenario one can have a stoploss of Rs 48 and go on holding the stock and again one can buy more but only if it is closing above Rs 5 from current levels."

Disclosure: Analyst doesn't hold the above stock.