Zee Entertainment Enterprises gains on bargain hunting

Zee Entertainment Enterprises jumped 7.34% to Rs 255.30 on value buying after the stock slipped in the past four sessions.

The stock fell 5.6% in the past four sessions to end at Rs 237.85 yesterday, from its recent closing high of Rs 251.85 recorded on 8 August 2022.

In the past one year, the stock rose 15.18% while the benchmark Nifty50 rose 13.85% and Sensex rose 14.52% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 61.697. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock is trading above its 50-day and 100-day simple moving average (SMA) placed at 230.21 and 245.48 respectively.

Zee Entertainment Enterprises (ZEEL) is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.

The company reported 50.1% drop in consolidated net profit to Rs 106.6 crore despite a 4% increase in operating revenue to Rs 1845.7 crore in Q1 FY23 over Q1 FY22.

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