TV 18 - Bull's Ride

TV 18 (CMP:22.4)  - is displaying a positive outlook on the daily chart. The stock is trading within rising channel set-up which signifies trend remains up. The stock has tested trend line support level & bounced back with strong bullish candle which indicates continuation of bullish momentum. The stock is trading above 20/40 EMA which shows positive sign. Now the stock is heading towards 24.25 – 25.25 - 26 levels which is extension levels. The strong support level placed at 21.5.  On the daily chart RSI has given positive crossover which signs strength.

                       

Recommendation: Traders can buy at CMP to 22 level with a stop loss of 21.5 (Closing basis) for target of 24.25 – 25.25 - 26 levels.