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Zee Ent, Jet Airways, DHFL, RCom: A trading guide for news-driven stocks

Avdhut Bagkar/Mumbai 15 Apr 19 | 09:32 AM

For good reasons or bad, a number of companies have been in the news over the past few months. Zee Entertainment Enterprises, Reliance Communication (RCom), Jet Airways, ICICI Bank, Axis Bank are some such counters. Taking cognizance of these developments, the stocks of these companies have reacted at the bourses.

Shares of Zee Entertainment Enterprises (ZEE), for instance, slipped 6 per cent to Rs 403 on the BSE in intra-day trade on April 2, 2019 after its promoter sold Rs 332 crore worth of the firm’s shares in recent months, according to exchange disclosures. Cyquator Media Services, the promoter entity of ZEE had sold shares worth Rs 227 crore between February 13 and March 29. Post the share sale, Cyquator’s shareholding has reduced to 22.8 per cent from 23.36 per cent. READ MORE ABOUT IT HERE

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Jet Airways, which revolutionized Indian aviation after the government ended the monopoly of state-owned carriers, is now on the brink of shutting down, devastated by management missteps and the feisty low-cost airlines that followed in its footsteps. READ MORE HERE

Here are trading strategies for stocks that have been in the news over the past few months:

Zee Entertainment Enterprises Ltd (ZEEL): What’s missing in the stock is the significant amount of volumes that can drive the price to higher levels. The volumes are trading below average as per the daily chart, a sign of concern. Its inability has led to several failed breakouts, resulting in negative sentiment and losing upside momentum. Investors and traders need to be cautious as stock trades below 200 DMA, placed at Rs 465 levels. A decisive breakout above the same may alter the current cautious sentiment. Till then, one can opt for Rs 380 as support. However, one needs to be aware that the stock is trading below 50 DMA of Rs 430 as well.  CLICK HERE FOR DETAILED CHART VIEW

ICICI Bank Ltd (ICICIBANK): The daily chart suggests the stock is trading in the range of Rs 383 – Rs 402 from mid-March 2019, a consolidation phase whose break out/ break down is determined when it breaches either side levels. Although, the technical oscillator, RSI (Relative strength index) shows negative divergence, the stock has not witnessed heavy selling pressure. The weekly chart suggests a breakout above Rs 378 – Rs 382 levels. If the counter breaks out above the upper resistance of Rs 402, then it may see a rally towards Rs 428 and Rs 442 levels. CLICK HERE FOR DETAILED CHART VIEW

Jet Airways (India) Ltd (JETAIRWAYS): The stock is currently testing the significant support levels of 50 DMA, located at Rs 242.60 levels. The MACD (moving average convergence and divergence) moved up above the zero line when the stock broke out around Rs 270 levels, which is a sign of the trend being supported by respective oscillators. The stock is likely to move towards Rs 285 and Rs 310 levels after it manages to close above 200 DMA, placed at Rs 266 levels. CLICK HERE FOR DETAILED CHART VIEW

Yes Bank Ltd (YESBANK): The weekly chart clearly denotes a bullish breakout heading towards Rs 325 and Rs 348 in the coming sessions. The stock is slowing down the pace at which it ran recently towards Rs 280 levels, as RSI trades in the negative crossover as per daily chart. We may witness sideways trades for a few sessions. However, any mild correction towards Rs 260 -  Rs 250 should see buying opportunity emerge. The technical formation stays highly optimistic, as the stock trades well above 200-weekly moving averages (WMA). The MACD (moving average convergence and divergence) also has climbed above the zero line. One needs to look at this in terms of long formation as the trend remains positive. CLICK HERE FOR THE DETAILED CHART 

Dewan Housing Finance Corporation Ltd (DHFL): The stock is currently resisting at 100-day moving average (DMA) located at Rs 177.40 as per daily chart. The RSI slipped below the overbought zone, indicating pressure persisting at higher levels. The major support comes in at 50 DMA, which is around Rs 135 levels. The immediate support falls at Rs 148 - a level that had absorbed all selling pressure earlier. A close above Rs 177.40 supported by spurt in volumes may take the counter to Rs 210 and Rs 232 levels.  CLICK HERE FOR DETAILED CHART VIEW

Shriram Transport Finance Co. Ltd (SRTRANSFIN): The stock has broken out of “Descending Triangle" pattern in the weekly chart. A rally towards Rs 1,360 and Rs 1,420 cannot be ruled out as per the extension of a pattern. The MACD has climbed above zero line, a sign of positive trend ahead. A 50 DMA (around Rs 1158 levels) is in the process of positive crossover with 100DMA and will further strengthen the upward move.  CLICK HERE FOR DETAILED CHART VIEW

Reliance Communications (RCOM): The stock has been falling continuously from February 2019 with no signs of recovery. With every new lower circuit, the stock is losing its positive sentiment. Although, most of the technical indicators are trading in oversold territory, no significant sign of stability can be noticed. It needs to hold ground in the range Rs 2 – Rs 3 and show recovery in volumes. Onlt then it can find some investor interest. CLICK HERE FOR DETAILED CHART VIEW

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