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Mammoth Rally of 40% in ZEEL Share Price, Here’s Why?

Zee Entertainment Enterprises Ltd

NSE :ZEEL   BSE :505537  Sector : Entertainment

About Company: Zee Entertainment Enterprises is mainly in the following businesses: Broadcasting of Satellite Television Channels, Space Selling agent for other satellite television channels, and Sale of Media Content i.e. programs / film rights / feeds /music rights.

News In Stock: On Monday, Ashok Kurien and Manish Chokhani resigned from the position of Non-Executive Non-Independent Directors of the Company with immediate effect. The two directors resigned after shareholders like Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC demanded the removal of three directors of the company.

Apart from Kurien and Chokhani, the two mentioned shareholders have also demanded the removal of the company’s managing director and chief executive Punit Goenka as director. On the other hand, the two shareholders recommended the appointment of six directors. These are – Rohan Dhamija, Arun Sharma, Srinivasa Rao Addepalli, Gaurav Mehta, Surendra Singh Sirohi and Naina Krishna Murthy.

Invesco Developing Markets Fund and OFI Global China Fund LLC hold about 7,43,18,476 equity shares and 9,73,50,000 equity shares in Zee Entertainment. The shares represent 17.88% of the paid-up share capital of the Company. 

Weekly Chart of ZEEL:

What’s Ahead? Technical Outlook of ZEEL:

Today on Tuesday 14-Sept-2021 stock rallied 40% on NSE and closed at 261.55. Stock was driven due to news. But if we look at the technical setup, Stock is trading around Weekly trendline resistance, also Weekly 14 Period RSI hits 70 which is considered to be overbought levels. Some profit booking is likely to be seen before further rally. If stock Closes above 270 levels then we may see further up move towards 300-320. At current levels stock may see slight profit booking and strategy to buy on dips should be followed.

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