Zee Entertainment Ltd Up 2% Over Positive Q4 Projections

Shares of ZEE Entertainment Ltd today saw over 2% increase in value during morning trading sessions. The stock is currently trading in NSE at 588.35 with 2.24% increase in value after reaching an intra-day high of 594.95. While the stock saw range bound performance in market so far this month, a look at price movements across the last two months shows that the price movement has maintained a steady upward incline. Many brokerage houses predict positive YoY sales growth and net profit for the financial year which has helped the stock gain a positive market sentiment among both intra-day , short and long term traders.

Edelweiss brokerage house predicts ZEEL to report net profit at Rs. 291.5 crore up 19.6% year-on-year and net sales is expected to increase by 13.3 percent YoY to Rs. 1731.9 crore. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 48 to 69 as the signal line continues to move in upward direction towards overbought region supportive of existing momentum for upward price growth.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 569.03 & 598.82 respectively.

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