Dish TV India Limited - BUY
CMP: Rs 107; 6-9 Months Target: Rs 135; Stop Loss Rs 90, Upside: 26.1%
Broadcasting its way to new highs!
"Symmetrical Triangle breakout"
Dish TV was stuck in a trading range for the past 16-months. Our analysis of weekly chart suggests that the stock has been in a process of creating a coil or a contracting wedge, which is wide at the beginning and narrowing towards the end. This pattern usually forms during a trend as a continuation pattern. With Dish TV’s primary trend being upwards, we expect the stock to maintain the positive momentum. Projection of the Symmetrical Triangle breakout indicates Dish TV may make a run towards the Rs 135 mark in medium term. On the downside, Rs 90 is critical support which is the mid-point of the triangle.
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