Sun TV Network traded at multi-year highs now. The stock has formed long bullish candlestick pattern on the daily charts, with strong volumes, while on weekly scale, it has given horizontal resistance trendline breakout this week with above average volumes.
The second half of FY24 is expected to bring some respite, thanks to the onset of the festive season and the 2023 Cricket World Cup. Chawla expects to see a gradual recovery in Zee and Sun TV's advertising revenue, as FMCG companies have started ramping up spending, while new-age companies remain under pressure
Given Nifty's overarching bullish tilt and its position adjacent to a strategic support zone, there lies a palpable potential of it rallying towards the 20,000 milestone, provided it surpasses the 19,800 resistance
Sun TV Network Ltd is up for a third straight session today. The stock is quoting at Rs 615.2, up 5.6% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.5% on the day, quoting at 19290.65. The Sensex is at 64939.73, down 0.48%. Sun TV Network Ltd has gained around 13.76% in last one month. Meanwhile, Nifty IT index of which Sun TV Network Ltd is a constituent, has gained around 13.04% in last one month and is currently quoting at 2277.85, up 0.7% on the day. The volume in the stock stood at 68.74 lakh shares today, compared to the daily average of 16.21 lakh shares in last one month. The benchmark August futures contract for the stock is quoting at Rs 612.85, up 5.37% on the day. Sun TV Network Ltd is up 21.33% in last one year as compared to a 9.86% jump in NIFTY and a 10.09% jump in the Nifty IT index.The PE of the stock is 13 based on TTM earnings ending June 23.