ZEEL shares: Anand Rathi see up to 23% upside in 3 months; here's why

An analyst at the brokerage firm Anand Rathi Shares and Stock Services is positive on shares of Zee Entertainment Enterprises Ltd (ZEEL) and sees up to a 23 per cent upside in the stock in the next three-months period. The analysts believe that that stock is at the verge of breakout.

Zee Entertainment is nearing a critical technical juncture, supported by a strong confluence of time and price factors. The stock aligns with a 434-day cycle and is trading near the key Gann level of 432 (144 × 3), indicating a potential time/price square out, said Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

Shares of ZEEL jumped more than 4.52 per cent to Rs 122.45 during the trading session on Tuesday, commanding a total market capitalization of little more than Rs 11,700 crore. The stock has gained over 37 per cent in little more than 2 months from its 52-week low at Rs 89.29, hit on March 4, 2025.

According to the report from Anand Rathi, Zee Entertainment Enterprises is mainly in the businesses of broadcasting of satellite television channels; space selling agents for other satellite television channels; and sale of media content such as programs, film rights, feeds, music rights and more.

ZEEL operates 50 channels in 11 Indian languages, reaching over 859 million viewers nationwide. Its portfolio includes 24 movie channels across eight languages. The network has a strong foothold in Southern India, with 57 per cent of FY24 viewership coming from non-Hindi language markets, said the report.

"A bullish inverse head and shoulders pattern has recently formed on the daily chart, with a successful neckline breakout followed by a retest, adding reliability to the setup. Based on this setup, a long position is recommended in the Rs 117–121 one, with an upside target of Rs 146. A stop-loss should be maintained below Rs 105 on a daily closing basis to manage risk effectively," he said.