March 22, 2019 / 5:59 AM / 4 months ago

BUZZ-India's Zee Entertainment hits over 1-month low; chart suggests further downside

** Shares of Zee Entertainment Enterprises Ltd fall as much as 2.64 pct to 431.5 rupees, their lowest since Feb. 18

** Stock breaks below a support at 442 rupees, the 14.6 pct Fibonacci projection level of the downtrend from May 2 high to Jan. 25 low tmsnrt.rs/2HzcuwJ

** Stock also breaks below its 50-day exponential moving average, seen as a bearish sign

** This suggests stock may test a support at 413.05 rupees in near term, the 23.6 pct projection level

** Since testing a resistance at 486.95 rupees earlier this month, stock is forming lower crest and troughs, seen unfavorable for the stock

** MACD is below its signal line

** Stock down about 7 pct this year as of last close, while the broader NSE Index is up 6 pct in the same period

Reporting by Gaurav Dogra

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