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The stock of Sun TV Network began its latest leg of uptrend in early April after taking support at ₹600. The rally accelerated in June, surpassing resistance at ₹700 and ₹750. Although the stock has been staying sideways over the past few sessions, the chart shows that there is considerable room for the upside to appreciate. The nearest notable resistance can be spotted at ₹950.
But note that there would be intermittent corrections before the stock touches ₹950. Such a corrective move could even happen from the current level, possibly to ₹740. So, buy now at ₹765 and accumulate at ₹740. Place stop-loss at ₹680. When the stock touches ₹850, raise the stop-loss to ₹800. Tighten the stop-loss further to ₹850 when the stock touches ₹900. Exit at ₹950.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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