Quant Pick - Zee Entertainment - ICICI Direct

Recommendation

Buy Zee Entertainment in range of Rs. 220-227
Target: Rs. 270
Stop Loss: Rs. 199
Time frame: Three months

Derivatives & Quantitative Outlook

The media space has remained largely range bound in the last five months with stocks like Zee underperforming the market. We believe the stock has significant room for upsides. After remaining range bound for some time, the recent up move is likely to continue towards Rs. 270 and higher levels.

On the F&O front, the OI in the stock is relatively low compared to the last couple of months due to long liquidation. However, with the ongoing price performance, we believe open interest will be gradually added in the stock for the January series, which should be positive for further momentum in coming sessions.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_ZeeEnt_Jan21.pdf

Shares of ZEE ENTERTAINMENT ENTERPRISES LTD. was last trading in BSE at Rs.231 as compared to the previous close of Rs. 219. The total number of shares traded during the day was 3036352 in over 29265 trades.

The stock hit an intraday high of Rs. 236.9 and intraday low of 221.15. The net turnover during the day was Rs. 699701067.

Source : Equity Bulls

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