Zee Entertainment Enterpriseshas seen a correction from its all-time high of Rs 619 touched in January this year to low of Rs 547 levels in March. Bounce back from lower levels faced resistance at 61.8percent Fibonacci retracement level of the fall from Rs 619 to Rs 547 that comes around at Rs 591 levels.
Thus, the stock has seen consolidation between Rs 590 and Rs 547 levels over last eleven weeks and formed a base. Price has made higher highs and higher lows in last one month and yesterday managed to close above the resistance, suggesting stock likely to see the start of a fresh uptrend.
Thus, the stock can be bought at current level and on dips to Rs 585 with a stop loss below Rs 570 for target of Rs 660 levels.
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