Buy TV Today; target of Rs 94: Nirmal Bang

Nirmal Bang has come out with its technical report on TV Today Network. According to the research firm, one can buy TV Today around Rs 71.7 with a long term perspective for a traget of Rs 94.

"The stock has been in a long term downtrend since Dec’08 forming a series of lower highs and lows.  The counter at the lower support range near its previous Nov’08 lows formed a Complex Bullish Inverted Head & Shoulder pattern and has managed to give a bullish breakout. The right shoulder formed multiple higher lows which hinted for an upside breakout.  The RSI indicator has exceeded the ascending triangle pattern which confirms a trend reversal and possibility for the prices to test the upper resistance line in the medium term.  There was series of positive divergence observed in RSI which indicated an impending trend reversal on cards. The MACD in daily chart after a positive divergence in histogram gave a bullish crossover which formed the Head of the Pattern."

"Both the momentum indicators suggested a rally which got confirmed from the pattern breakout.  As a major reversal pattern, the Head and Shoulders Bottom forms after a downtrend, and its completion marks a change in trend. The RSI has managed close above resistance of 60 levels which has indicated a bullish range shift.  The counter has also managed to close decisively above the 23.6% retracement level after 2011 which is bullish.  The advance off the right shoulder observed a large expansion of volumes. The strength behind the move indicated that a significant low has been formed. The advance from the right shoulder occurred with big candle accompanied with above average volume which validates the bullish breakout," says Nirmal Bang research report.

Non-Institutions holding more than 90% in Indian cos

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