Enter TV18 Broadcast closer to Rs 38-39: Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "In the last two to three years TV18 Broadcast has always gone up to Rs 40-42 and come back down to almost closer to Rs 30. Three months back we were closer to Rs 40-42 and we took a dip back. We are setting up for a big breakout in the next few months. So we expect a good risk reward entry point at closer to Rs 38-39 levels with a stop loss at Rs 36 and we will see much momentum into the stock above Rs 42. We could be looking at much higher targets in the near-term as well as in the medium-term."

At 14:36 hrs TV18 Broadcast was quoting at Rs 39.30, up Rs 0.20, or 0.51 percent. It has touched an intraday high of Rs 40 and an intraday low of Rs 39.20.

Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.