Published on 24/11/2017 4:48:47 PM | Source: Choice Broking Pvt Ltd
Buy Network18 Media and Investments Ltd For Target Rs.57.60.00 - Choice Broking
* The stock has given breakout of its Downward Sloping Trend line, which suggests an upside movement in the counter.
* On the daily chart, the stock is trading above its 20 Days Exponential Moving Average which is a sign of optimism.
* Moreover, in recent days, the stock had given healthy correction from its topical high of 59.30 level, however this correction paused at 44.85 level which is a 50.00% Fibonacci retracement level of its classic up move from 30.40 level to 59.30 level. This type of structure on Fibonacci retracement level, always consider as intermediate trend reversal point where one could make a buy entry with decent Stop Loss.
* A momentum indicator RSI reading is at 57.82, with a positive crossover on the weekly chart which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.
Recommendation
Buy Network18 Media and Investments Ltd @ 52.20 StopLoss 49.50 Target 57.60 .
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