NDTV, Sun TV, TV Today: Media-related stocks to see more upside going ahead

Shares of NDTV have rallied four-fold since December 2021, staging one of its biggest rally since 2007-08. On the upside, the stock can surge to Rs 450.

Shares of New Delhi Television Limited (NDTV) were locked in the 5 per cent upper circuit on Wednesday, after the Adani Group announced an indirect acquistion of a 29.18 per cent stake in the news media company. This is to be followed by an open offer to acquire additional 26 per cent stake at Rs 294 per share.  

A group company of the conglomerate, AMG Media Network has bought Vishvapradhan Commercial, which held 99.9 per cent warrants of RRPR Holding (RRPRH), the promoter of NDTV. As per an exchange filing, Vishvapradhan Commercial has converted these warrants into equity, enabling Adani's media arm to own the said stake in NDTV. READ MORE

Earlier in June, AMG Media of the Adani group had purchased a 49 per cent stake in Quintillion Business Media, a business curated by Rahav Bahl.

Amid this development, here’s a technical outlook of television and media-related stocks:-

New Delhi Television Limited (NDTV)

Likely target: Rs 410 and Rs 450

Upside potential: 6% and 15%

Shares of NDTV saw one of the biggest rallies since mid-December 2021. The stock has soared four-fold in just six months. Such a move was last seen in 2007-2008. Chart formation reveals a likely robust price action in the days ahead with the Relative Strength Index (RSI) seeing a bullish bias in the over-bought territory. Closing basis support exists at Rs 350 and Rs 300 marks. A positive sentiment could see the NDTV stock hit Rs 410 and Rs 450 levels. CLICK HERE FOR THE CHART

Also read: Retail investors to gain from Adani's hostile takeover of NDTV: Analysts 

Sun TV Network Ltd (SUNTV)

Likely target: Rs 540

Upside potential: 7%

The stock has scaled the 200-day moving average (DMA) firmly, having the support of RSI, which holds the trend baton up. The 200-DMA is situated at Rs 464 and continues to bolster the upswing. Immediate support comes to Rs 480 and thereafter to the 200-DMA. The bullish trend hints at a rally of upto Rs 540, which is the next imminent obstacle, shows the daily chart. CLICK HERE FOR THE CHART

TV Today Network Ltd (TVTODAY)

Outlook: Hurdle at Rs 300

A massive drop in the share price - up to 40 per cent in value between April-May 2020 alone - has severely dented the sentiment. Thereafter, the stock managed to fall in a sideways momentum. A consolidation phase witnessing upward bias has a hurdle mark at Rs 300. Only an aggressive close supported with strong volumes could trigger a fresh upside. CLICK HERE FOR THE CHART

TV18 Broadcast Ltd (TV18BRDCST)

Outlook: Robust outlook over 50-DMA

Post forming a resilient base around Rs 36 – Rs 34 range, the stock conquered the 50-DMA mark. MACD, the momentum indicator accompanied the positive move scaling the zero line upward. The trend is buoyant and intents to cross Rs 46.50 mark, its 100-DMA and a close level of earlier swing high. A Death Cross breakdown persist at Rs 35 and as long as this mark is defended, the present momentum could see a medium-term bullishness. . CLICK HERE FOR THE CHART

Zee Entertainment Enterprises Ltd (ZEEL)

Outlook: Inverse Head and Shoulder pattern

A clear formation of “Inverse Head and Shoulder “could ignite a fresh optimum, only if the stock sustains over the Rs 265 mark. The breakout move signals Rs 290 and Rs 315 as the immediate reach. The stock has support cushion at Rs 250 and Rs 230 levels. Technical outlook may start rebuilding in the medium-term if stock succeeds to breakout positively. CLICK HERE FOR THE CHART