The short-term outlook for Dish TV is bearish. Investors with a short-term perspective can consider selling the stock. The stock has lost over 8 per cent in the last four trading days. Prior to this fall, the stock was in an up move from the low of Rs.91.8 recorded in mid-December. The 100-day moving average at Rs.104.8 halted this rally last week.
The sharp reversal from the high of Rs.104.75 has taken the stock decisively below the 21- and 200-day moving averages. This signals the beginning of a fresh leg of the down move in the stock.
It also keeps the overall downtrend that has been in place since August last year intact. Immediate resistances are at Rs.97.5 and Rs.98 — the 21-day moving average level. An immediate fall to Rs.93 and Rs.92 looks likely. Further break below Rs.92 can drag the stock lower to Rs.90 and Rs.89.
Traders with a short-term perspective can go short. Stop-loss can be kept at Rs.97 for a target of Rs.91.
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