Buy Zee Entertainment: Pritesh Mehta

According to Pritesh Mehta, senior technical analyst at IIFL, one may buy Zee Entertainment with a target of Rs 285.

Pritesh Mehta, senior technical analyst at IIFL told CNBC-TV18, " Zee Entertainment is an ideal bottoming out stock. Just a few months back it had a sharp rally from Rs 200 levels to Rs 300. Thereafter it retraced 50 percent of this upmove and then found support and moved higher gradually."

He furter added, "In the last few days it has come down a bit but it has given signs of bottoming out, reversing out because it is attempting to breakout from a falling wedge pattern which is bullish in nature. So, buy the stock for a target of Rs 285."

At 15:15 hrs Zee Entertainment Enterprises was quoting at Rs 269.65, up Rs 1.30, or 0.48 percent. It has touched an intraday high of Rs 272.85 and an intraday low of Rs 267.35.

The share touched its 52-week high Rs 300.55 and 52-week low Rs 248 on 13 January, 2014 and 28 August, 2013, respectively. Currently, it is trading 10.28 percent below its 52-week high and 8.73 percent above its 52-week low. Market capitalisation stands at Rs 27,597.91 crore.

Disclosure: Analyst may have recommended the stock ideas to his clients but has no personal holdings.

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