Balaji a buy at current levels: Rajesh Jain, Market Strategist

Rajesh Jain, Market Strategist, in a chat with ET Now talks about the media space.

What is your take on the entire media space? Talking about Zee News, Balaji, a Dish TV, Sun TV, are any of these counters looking attractive right now?

If I may just add to the Balaji story, I think the biggest thumbs up for Balaji has been the fact that its serials on Zee have been at the top of the charts. So in addition to Star News, you also have the fact that Balaji has been able to broad base its platforms and its content is once again making waves.

I think there are also a couple of movies on the cards which are likely to add to the revenues out there. But having said that, I continue to be a believer in the pay TV revenues for the media space. I think Dish TV and a host of other stocks can be played on the increasing pay TV revenue contribution to business models.

In the media space I think you should continue to be positive on HT Media or even Jagran for the simple reason that the media space continues to show excellent advertising revenues as well as circulation numbers. Media is always a long term investment and with that caveat investors were to buy for a 2 to 3 years horizon then I think there are significant upsides in these stocks.

How is Balaji looking? It is almost 20% up in trade today.

Obviously it is looking very strong after today’s upmove. The avoidview would have been just for the fact that stock was doing nothing for the past two or three weeks. So today’s move augurs really well for the stock and it looks likely that it will head past its recent highs, which were at closer to 70 levels. So I would lay my bets on Balaji and you could look for targets of closer to 70 or possibly even on the higher side to 80 odd levels over the next one month or so.

At these levels as on any dips back to around 52-53 kind of levels, it becomes a decent buy and you could stick on with your long positions on this one.