Dish TV – The scrip after forming a base at 56 a month back, has been consolidating in a narrow band of 67 - 71.5. This movement has led to formation of a continuation pattern which should breakout upward and may lead to a fresh leg of up-swing.
The media sector has been placed as Leader in the sector rotation chart which states that outperformance from the sector can continue. The scrip has a weight age of nearly 15% in CNX Media and can outperform both the broader market as well as its sector peers.
A minor hurdle is placed on the scrip at 72.5 and sustenance of the same may invite momentum on the upside. Short term base for the scrip is now placed at 67 and for strength to continue, it should sustain above the same.
A buy trade can be initiated on sustenance above 72.5 for its continuation pattern target of 82 and a stop below 67.
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