Shares of Zee Entertainment Enterprises fell as much as 3.35 per cent to Rs 391, the lowest since February 13.
The stock has broken below its Ichimoku cloud, seen as a bearish sign.
The stock broke below a support at Rs 413.05 on Wednesday, the 23.6 per cent Fibonacci projection level of the downtrend from the May 2, 2018 high to the January 25, 2019 low.
This suggests the stock may test a support at Rs 366.15 in the near term, the 38.2 per cent projection level.
The MACD is negative and below its signal line
The stock is down 15.1 per cent this year as of last close, while on the broader NSE index it is up 7.2 per cent in the same period.