Sell Zee for target of Rs 108-106: Arihant

MUMBAI: Arihant Capital Markets has suggested its traders to sell Zee Entertainment shares at Rs 120.70 for a target of Rs 108-106.

���The stock closed at Rs 120.70 on Tuesday. It has made a 52 week low at Rs 88 and 52 week high of Rs 254. The 14 days Moving Average of stock is at support of Rs 119. On the daily charts, the stock is in sell in Stochastics and its 14-days RSI is currently at 76 (above 50 is consider to be in strong hands).

ZEEL is looking good on daily chart as it has formed a trend reversal pattern on EOD chart. One can sell ZEE Entertainment at Rs 120.70 with closing above stop loss of Rs.126 for a target price of Rs 108-106,��� the recommendation said.