NDTV - Now Known!

NDTV had an amazing rally in the past couple of days. Having discussed this stock a couple of days back, this stock has broken some of the targets that was discussed last time. Moving on some specific issues in this movement.

• Volumes are still strong but the accumulation and distribution chart is showing some divergence to the current movement of price. The stock has been at 232-235 for two days now and the chart is showing some profit booking in the stock. However, the momentum looks to be still favoring a strong move as the decline was extremely small.
• MACD is on the 'buy' zone but RSI is rocking upwards given the strong price movement in the past couple of days.
• The stock has just broken the 200 day moving average.

The stock today has an upside potential of another 8% to 250. The next target would be at 280 if it breaks Rs. 250 mark comfortably. I would be concerned of the downside from here given the recent price movement of more than 20% in such a stock. Rs.224 would be a crucial number as it would be at 50% levels and would again break the 200 day average.