Zee Entertainment
Media as a sector has been placed as a leader in the sector rotation chart and is among the few sectors which are trending up. Zee entertainment has a weight age of 45 % in the Index and is a leading name within the sector.
The scrip has formed a symmetrical triangle on the longer term time scale and has broke out from the upper band of 139 early this month. After breaking out towards the north, it pulled back to the apex of the triangle and re-bounded back. The setup has witnessed confirmation and sustenance of 160 will add further steam to the momentum on the upside.
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A buy trade can be initiated at the CMP of 148, for a target - 180 and a stop below 139.
Ultratech Cement
The cement sector has been in charm for a long time and most of its members from the large cap space is around its all time highs. The sector is still lucrative and it can flare up further with increased momentum.
Ultratech has been the best performer within the sector and a secular up-trend is intact. It recently broke out from a rounding bottom formation at 1540 and has opened the room for upside of 1740. Target is derived by measuring the percentage change of the base and adding that to its breakout point.
A buy trade can be initiated at CMP of 1568, for a target - 1740 and a stop below 1520.
Reliance Industries
The scrip has been a huge under-performer for past many months but has a characteristic of mean – reversion. It has been trading at the lower band of the range and on the short term chart has formed a traditional inverted head & shoulder pattern.
Neck line of the pattern is placed at 745 and breakout from the same can activate the pattern target of 820. As quarterly result is expected today after market, there could be a possibility of a breakout with a run-away gap. Support is very nearby at 702 and risk / reward to long seems favorable.
A buy trade can be initiated at the CMP of 725, for a target - 820 and a stop below 702.
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