Dish TV shares jump 9% to hit one-year high; is more steam left?

Shares Dish TV India Ltd rose sharply in Tuesday's trade to scale their one-year high level. The stock moved 9.38 per cent higher to hit a 52-week high value of Rs 26.01. At this price, the scrip has given multibagger returns by rallying 109.76 per cent from its one-year low of Rs 12.40, a level seen on March 29 last year.

On BSE, the counter saw heavy trading volumes today as around 2.09 crore shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 1.64 crore shares. Turnover on the counter stood at Rs 52.82 crore, commanding a market capitalisation (m-cap) of Rs 4,584.72 crore.

Dish TV recently saw a couple of bulk deals, BSE data showed. HRTI Pvt Ltd has bought 1,33,27,857 shares of the company at an average price of Rs 23.39. The same entity has offloaded 93,61,305 shares at an average cost of Rs 23.37.

Technical analysts were largely 'bullish' on the counter. Immediate resistance will be around Rs 28 and a decisive breach above the said zone is required for further upside. On the lower end, support could be seen at Rs 24.80, followed by Rs 21.4 level.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 24.80 and resistance at Rs 28. A decisive close above Rs 28 level may trigger a further upside till Rs 30. Expected trading range will be between Rs 22 and Rs 30 for a month."

AR Ramachandran from Tips2trades said, "Dish TV is bullish on daily charts with next resistance at Rs 27.7. A daily close above this resistance could lead to target of Rs 33.5 in the near term. Support will be at Rs 21.4."

As of December 2023, promoters held 4.04 per cent stake in the company.

 

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

 

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