Reliance Securities: Sun TV Network Update - Directional Long
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Reliance Securities Report
Sun TV Ltd., at the current level of Rs 503, is poised for an initial leg of up-move until Rs 575 and Rs 620 subsequently.
Weekly chart indicates that the stock is poised for an inverted head and shoulder breakout, which is expected to act as reversal pattern.
This breakout has appeared after a long bear run, which boosts Reliance Securities’ long conviction.
Weekly chart also indicates a long-term trend line breakout and a similar breakout is also visible on RSI.
Long positions can be initiated in the range Rs 500-Rs 505 for a target of Rs 620. This view will be negated at Rs 438 (stop loss) on closing basis.
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