Top buzzing stock: Zee Entertainment

resr 5paisa Research Team

Last Updated: 13th December 2022 - 11:20 pm

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ZEEL has surged over a massive 15% in the initial hours of Thursday.

Zee Entertainment Limited is a media and entertainment company engaged in providing broadcasting services. With a market capitalization of about Rs 28500 crore, it is one of the leading company in its sector. The stock of ZEEL has come in limelight due to its recent run.

ZEEL has surged over a massive 15% in the initial hours of Thursday. The stock was in focus after Invesco dropped EGM requisition for Zee Entertainment's board reconstitution.

Investors cheered on hearing this news and the stock hit the day's high of Rs 307.25. With such positive sentiment, the stock has surged above its prior swing high of Rs 296. On the technical chart, the stock has formed a strong bullish candle despite the huge gap-up opening. This demonstrates strong buying interest among market participants. Moreover, the stock has recorded a volume of over 51 million, which is the highest in many months. With such strong trading activity, the volume is found to be greater than the 30-day and 50-day average volume.

Along with such a huge surge, the technical parameters have drastically shifted their pointers towards the North. The 14-period daily RSI has entered the bullish territory and has seen a strong jump from 50 to 68. The MACD continues to move higher the zero line and signal line. The stock trades above all the key moving averages and indicates a strong uptrend.

Excluding the 15% move today, the stock has generated 13% in one month nevertheless displaying strong bullishness in short to medium term. Considering the above points, the stock has the potential to test the levels of Rs 320, followed by Rs 330 in times time come. Moreover, it is a good candidate for swing trading. Short term traders/positional traders can expect decent profits in upcoming days.


Also read: List of Penny Stocks: Penny Stocks Those Were Locked in the Upper Circuit on Thursday, March 24

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