Zee Entertainment hits over 1-month low; chart suggests further downside

Shares of Zee Entertainment Enterprises Ltd fall as much as 2.64 per cent to Rs 431.5, their lowest since February 18.

The stock breaks below a support at Rs 442, the 14.6 per cent Fibonacci projection level of the downtrend from May 2 high to January 25 low. It also breaks below its 50-day exponential moving average, seen as a bearish sign. This suggests stock may test a support at Rs 413.05 in near term, the 23.6 per cent projection level.

Since testing a resistance at Rs 486.95 earlier this month, stock is forming lower crest and troughs, seen unfavourable for the stock. MACD is below its signal line