Stock under Rs 25: Is a turnaround happening in this satellite television provider stock which is on a verge of a multi-month breakout?
Among the prominent investors, Ashish Dhawan and Mukul Mahavir Agarwal hold 1.57 per cent and 1.36 per cent, respectively in the company.
After an unprecedented rally in the last week or so, the Indian markets have succumbed to selling pressure as a result, the frontline indices are down by nearly a per cent. Despite a sharp fall in the frontline indices, there is a stock-specific action witnessed on D-Street.
One of the stocks that caught investors’ fancy is one of the pioneers of digital entertainment in India, Dish TV. The stock has jumped over 15 per cent and is seen bucking the weak trend of the frontline indices and racked in good returns for their investors.
The stock has gained more than 137 per cent from the June 2022 lows and it is currently trading at a fresh 52-week high. The total trade volume so far is the highest in the last six trading sessions. As the stock is trading at a fresh 52-week high, it's trading above its all-key moving averages.
Interestingly, the stock is on a verge of a multi-month breakout as the stock has faced resistance around the zone of 23.5-24.5. Going forward if the stock sustains above this zone it would result in a multi-month breakout.
Now, let's deep dive and look into the shareholding pattern of the stock. Institutional holding stands at 43.32 per cent as of the quarter ending September 2022 compared to 37.25 per cent in the quarter ending June 2022. Yes Bank is the largest shareholder of Dish TV India and it holds nearly ¼ of the paid-up equity share capital of the company.
Among the prominent investors, Ashish Dhawan and Mukul Mahavir Agarwal hold 1.57 per cent and 1.36 per cent, respectively in the company.
The stock once used to trade in triple digits in the year 2015, however, the stock traded in single digits in the year 2020. It has slowly but steadily picked up the pace and with the current chart structure, it looks set for a turnaround and hence demands to be on the watchlist!