Avoid Dish TV, says Nitin Jain

Nitin Jain of Edelweiss Securities told CNBC-TV18, "From a technical point of view and from the immediate horizon point of view Dish TV India looks very weak. Very difficult to go long on these kind of stocks, which are forming new lows every day but the business model is reasonably strong. At some price once it starts to bottomout investors can look to accumulate but right now I would say try and avoid."

At 13:40 hrs Dish TV was quoting at Rs 40.75, down Rs 1.50, or 3.55 percent. It has touched an intraday high of Rs 42.95 and an intraday low of Rs 40.60.

The share touched its 52-week high Rs 84.90 and 52-week low Rs 40.35 on 05 October, 2012 and 28 August, 2013, respectively. Currently, it is trading 52 percent below its 52-week high and 0.99 percent above its 52-week low. Market capitalisation stands at Rs 4,349.26 crore.

Disclosure: The stock or some of the strategy that we recommend have been advised to our clients.