Zee Entertainment more steam left?
Zee Entertainment At Present is ranked first in the Entertainment industry by market cap. The stock has an all-time high of 619 and an all-time low of 114.
Despite improving business and its Zee5 OTT app usage growing, It was one of the worst performed stocks since one year post-Covid pandemic drop of March 2020 Until...
Its largest promoter "Invesco" removed Zee Entertainment's some of the board of directors and decided to merge Zee with Sony Entertainment India. Its stock came to the limelight and hit multiple upper circuits on two occasions taking stock from 200 odd levels to 360 high.
A huge volume surge was seen in the stock also big bull Rakesh Jhunjhunwala also picked 5 lakh shares at around 220₹.
Technical Analysis: High-Risk appetite investors and traders can go long near golden ration 0.618 Fibonacci level 288 with 17% stop loss of 242 for 38% target of 400 which is interestingly also 1.618 Fibonacci extension and previous resistance level.
Article by RP
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