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The stock of Den Networks was on highlight on ‘Muhurat Trading’ by gaining 15 per cent with good volume. Investors with a short-term perspective can consider buying the stock at current levels. Following a medium-term downtrend, the stock found support recording a 52-week low at ₹94.3 on November 9. Subsequently, the stock changed direction triggered by positive divergence in the daily relative strength index.
The stock’s recent jump has decisively broke through a key immediate resistance at around ₹105. Further, the stock has breached its medium-term downtrend showing initial signs of trend reversal and upward momentum. The stock has formed a bullish engulfing candlestick pattern on the weekly chart implying bullish reversal. The stock can extend the current rally and reach the price target of ₹119.5 and ₹122 in the ensuing sessions. Buy the stock with a stop-loss at ₹112.5 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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