Should you buy these film & entertainment stocks this festive season?
Source: Business Standard
The festive season has started in India with the 9-day Navratri festival on October 03, Thursday. This will be followed by Diwali 2024 – the biggest festival in India, which also includes mid-term holidays for the schools across the country.
Film and production houses plan to launch big movies during the festive season in hopes of attracting more footfalls. Singham Again and Bhool Bhulaiyaa 3 are scheduled to be released on November 01 followed by the much-awaited Pushpa 3 on December 02. That apart there are several other movies to hit the silver screen in the next few months.
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Given this background, here are select films & entertainment related stocks that could add sparkle to investors’ portfolio in the near-term.
Technical outlook on film, entertainment & media stocks on NSE:
PVRInox
Current Price: Rs 1,629
Upside Potential: 20.6%
Support: Rs 1,575
Resistance: Rs 1,800
As long as this support is held the stock may attempt to bounce back to higher levels. On its way up, the stock can potentially rally to Rs 1,965 with interim resistance seen at Rs 1,800.
BAG Films
Current Price: Rs 13.48
Upside Potential: 23.2%
Support: Rs 12.90; Rs 12
Resistance: Rs 14; Rs 15
BAG Films has zoomed as much as 78 per cent post the breakout from its consolidation zone in late August. The stock seems to be trading on a buoyant note across time-frames.
Eros Media
Current Price: Rs 23.40
Upside Potential: 28.2%
Support: Rs 22.50; Rs 21.10
Resistance: Rs 24; Rs 26.20
ALSO READ: 9 stocks for your equity portfolio this Navratri
The stock has been one of the worst performers over the last 9 years having shed as much as 97 per cent from its record high of Rs 644 in July 2015.
Shemaroo Entertainment
Current Price: Rs 193
Upside Potential: 19.7%
Support: Rs 190
Resistance: Rs 208
On the upside, the stock is likely to retest its 100-MMA (Monthly Moving Average) which stands at Rs 231. Interim resistance can be expected around Rs 208.
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Tips Industries
Current Price: Rs 721
Upside Potential: 16%
Support: Rs 697
Resistance: Rs 730; Rs 783
Tips Industries is seen attempting a breakout on the daily scale as the stock crossed the higher-end of the daily Bollinger Bands in intra-day deals. A close above Rs 730 can confirm the breakout.
First Published: Oct 04 2024 | 12:00 PM IST