We recommend a ‘buy’ in Television Eighteen India from a short-term horizon. From the charts of the stock we note that its intermediate-term downtrend, which began from the early January high of Rs 599 ended at the 52-week low of Rs 184 on 18 July. The area around Rs 200 is a strong support from a long-term perspective as well.
The stock has been on short-term uptrend from this trough. During the course of this rally, the stock has moved above the 21 and 50-day moving average lines. The momentum indicators in both the daily and the weekly chart are beginning to look up.
We are bullish on the stock in the short-term. We anticipate the stock’s up move to prolong until it hits our price target of Rs 280 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 233.
