Zee Entertainment shares surge 8% after 4-day losses; can it rise more? Experts decode

Zee Entertainment shares surge 8% after 4-day losses; can it rise more? Experts decode | Stock Market News

Zee Entertainment shares surge 8% after 4-day losses; can it rise more? Experts decode

Zee Entertainment shares opened at ₹77.80 against their previous close of ₹77.40 and jumped as much as 8% to an intraday high of ₹83.62, looking set to snap its four-day losing run.

Zee Entertainment share price jumped 8% in intraday trade on the BSE on Wednesday, 16 September, reflecting healthy buying interest after the recent correction. Zee Entertainment shares opened at ₹77.80 against their previous close of ₹77.40 and jumped as much as 8% to an intraday high of ₹83.62, looking set to snap its four-day losing run.

Zee Entertainment shares had been on a downtrend recently after the National Company Law Tribunal (NCLT) stayed an earlier order approving its founder Subhash Chandra’s ₹6.5 crore repayment plan.

In Zee founder Subhash Chandra’s personal insolvency case, a resolution allowed ₹22,006 crore in admitted bank claims to be settled for ₹6.25 crore, effectively a 99.97% haircut.

However, a five-member NCLT bench froze the settlement and Chandra’s assets.

Zee Entertainment share price trend

Zee Entertainment shares are down 14% so far in September after a 19% drop in August. The stock is down 10% year-to-date, hitting a 52-week low of ₹68.10 on 23 March this year. The stock hit a 52-week high of ₹121.75 on 22 September last year.

Zee Entertainment shares technical view

According to Vipin Kumar, AVP-Research at Globe Capital Market, the stock remains locked in a persistent structural downtrend, consistently forming lower lows and lower highs while trading below its key short- and long-term moving averages (20-day, 50-day, and 200-day EMAs) since peaking near the ₹562 mark in February 2018.

Momentum indicators continue to reflect weak buying interest, rendering most rallies short-lived selling opportunities.

“A sustainable trend reversal appears unlikely until the stock establishes a definitive bottoming formation backed by strong volume expansion. Until then, any short-term upward bounce should be viewed as a temporary pullback within an overall bearish setup,” said Kumar.

Mahesh M Ojha, VP — Research and Business Development at KC Securities, has a buy view on Zee shares with target prices of ₹86, ₹92, and ₹98+, keeping a stop loss of ₹74.

Read all market-related newshere

Read more stories byNishant Kumar

Disclaimer:This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

Zee EntertainmentStock MarketIndian Stock Market
^{Get Latest real-time updates}

Catch all the Business News, Market News, Breaking NewsEvents and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

HomeMarketsStock MarketsZee Entertainment shares surge 8% after 4-day losses; can it rise more? Experts decode
More