Stock to buy today: Zee Entertainment Enterprises (₹235.35)

The short-term outlook is bullish for Zee Entertainment Enterprises Ltd (ZEEL)The stock surged 6 percent on Tuesday. This sharp rise has happened from around the 200-Day Moving Average (MA) support. The 200-Day MA currently at ₹222 will now act as a good support and limit the downside. The cross over between the 21- and 100-Day MA also strengthens the bullish case for the stock. Resistance is at ₹255.

We expect the stock to break this hurdle. Such a break can take ZEEL share price up to ₹280 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹225. Trail the stop-loss up to ₹241 as soon as the stock moves up to ₹248. Move the stop-loss further up to ₹256 when the price touches ₹265. Exit the long positions at ₹275.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

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