Television Eighteen India

Investors with medium-term perspective can consider selling the stock of Television Eighteen India. Since the January 2008 peak of Rs 599, the stock has been on a long-term structural downtrend, forming lower peaks and troughs. This down-trend resumed in early June from the resistance around Rs 160. Negative divergence in the daily momentum indicators supported this reversal. The stock has been on a medium-term downtrend since then. Moreover, while trending down the stock breached the support band between Rs 100-108 where the 200-day moving average is present. The stock is currently trading conclusively below those levels.

Medium-term investors can sell the stock with target at Rs 58, while maintaining stop-loss at Rs 101. Short-term traders can sell with target at Rs 77 and stop at Rs 90.

via BL