Sun TV network is currently hovering around Rs 351 level (up 0.41%). It has come down from the level of around Rs 460. It has found good support around Rs 350. The down-trend was caused by dismal Q1 performance and its promoter Kalanithi Maran, who was charge-sheeted by CBI. However, it seems that it has already factored in the bad news and further downside is limited.
Sun TV network has good potential to move above Rs 450 level in the next 12 months. In the recent past, most of the brokerage firms set target price of Sun TV network above Rs 400 level. This is mainly owing to the good advertising growth because of better economy. It is also expected to have good revenue growth from digitization roll out for the rest of the cities in India. Below is the summary of target price of Sun TV network, set by different brokerage firms
Sharekhan - Rs 425 - Report date 26-Aug-14
Emkay - Rs 461 - Report Date 19-Aug-2014
Kotak Securities - Rs 470 - Report Date 11-Aug-2014
ICICI Direct - Rs 445 - Report Date 09-Aug-2014
Religare Capital - Rs 475 - Report Date 09-Aug-2014
Prabhudas Liladhar - Rs 510 - Report Date 20-Jun-2014
Firstcall Research - Rs 473 - Report Date 06-Jun-2014
For the short term investor as well, the Sun TV network stock is expected to bounce back soon. It is nearing high sold region and hovering around lower bollinger band level of Rs 343.90. Today it has seen spurt in open interest, which has increased by 13%. It has also observed high volume with high delivery based buying (delivery 82.3%). Thus in the next few trading session, we are expecting the stock to touch Rs 363.
Risk : The case revolving around Kalanithi Maran is yet to be closed and hence it is an overhang on the stock Sun TV network.
Sun TV network has good potential to move above Rs 450 level in the next 12 months. In the recent past, most of the brokerage firms set target price of Sun TV network above Rs 400 level. This is mainly owing to the good advertising growth because of better economy. It is also expected to have good revenue growth from digitization roll out for the rest of the cities in India. Below is the summary of target price of Sun TV network, set by different brokerage firms
Sharekhan - Rs 425 - Report date 26-Aug-14
Emkay - Rs 461 - Report Date 19-Aug-2014
Kotak Securities - Rs 470 - Report Date 11-Aug-2014
ICICI Direct - Rs 445 - Report Date 09-Aug-2014
Religare Capital - Rs 475 - Report Date 09-Aug-2014
Prabhudas Liladhar - Rs 510 - Report Date 20-Jun-2014
Firstcall Research - Rs 473 - Report Date 06-Jun-2014
For the short term investor as well, the Sun TV network stock is expected to bounce back soon. It is nearing high sold region and hovering around lower bollinger band level of Rs 343.90. Today it has seen spurt in open interest, which has increased by 13%. It has also observed high volume with high delivery based buying (delivery 82.3%). Thus in the next few trading session, we are expecting the stock to touch Rs 363.
Risk : The case revolving around Kalanithi Maran is yet to be closed and hence it is an overhang on the stock Sun TV network.
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