ENIL

We recommend a buy in Entertainment Network India from a short-term horizon. It is evident form the charts of Entertainment Network that it has been on a long-term down trend from a high of Rs 700, its 52-week high recorded in early December 2007. However, the stock found support at Rs 224 on September 16 (its 52 week low) and bounced up. On the same day, stock gained 24 per cent from its intra-day low of Rs 224, signalling a key reversal day. We notice a hammer candlestick pattern in weekly chart, a bullish reversal pattern. The daily and weekly relative strength indexes are in oversold territories. We are bullish on the stock in the short-term. We anticipate the stock to trend upward until it hits our price target of Rs 305 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 261.

via BL