Should you buy these 5 film & entertainment stocks this festive season?

Media stocks in focus ahead of big film releases this Diwali: PVRInox, Eros Media and Shemaroo Entertainment among 5 stocks that can rally up to 28% from here on, shows technical charts.

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 2 on December 06. That apart there are several other movies to hit the silver screen in the next few months.

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

PVRInox stock has been an underperformer so far this year with the stock down 2 per cent as against a 16.4 per cent rally on the NSE Nifty 50 index. The stock, however, has picked up momentum in the recent quarter wherein it rallied nearly 17 per cent.

Amid the current market fall, the stock has dipped below its 20-DMA (Daily Moving Average) and now seen testing support around the super trend line at Rs 1,575 levels. This also coincides with the 100-WMA (Weekly Moving Average); hence needs to be closely watched. CLICK HERE FOR THE CHART

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. 

The daily chart shows that the bias is likely to remain upbeat as long as the stock holds above Rs 12.90 levels. Key support on the weekly scale is placed at Rs 12. On the upside, the stock can flare up to Rs 16.60; with interim resistance likely around Rs 14 and Rs 15. CLICK HERE FOR THE CHART

Eros Media

Current Price: Rs 23.40

Upside Potential: 28.2%

Support: Rs 22.50; Rs 21.10

Resistance: Rs 24; Rs 26.20

Eros Media stock has surged 31.5 per cent in the last seven trading sessions on the back of strong volumes. The stock is seen trading with a bullish bias on the daily chart, and seen attempting to break above its 200-WMA at Rs 24 for the first time since mid-February 2024.

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.

Having said that, at present, the near-term bias is likely to remain favourable as long as the stock trades above Rs 22.50; below which key support for Eros Media stands at Rs 21.10. On the upside, the stock needs to clear hurdles at Rs 24 and Rs 26.20 for a rally towards Rs 30 to emerge. CLICK HERE FOR THE CHART

Shemaroo Entertainment

Current Price: Rs 193

Upside Potential: 19.7%

Support: Rs 190

Resistance: Rs 208

Shemaroo Entertainment has been making higher highs and higher lows since the start of September 2024. The stock at present is seen testing support at the 20-DMA which stands at Rs 190. As long as this support is protected the stock is likely to resume the up move. CLICK HERE FOR THE CHART

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.

That apart, key momentum oscillators like the 14-day RSI (Relative Strength Index), MACD (Moving Average Convergence-Divergence) and Slow Stochastic are in favour of the bulls. Thus, the stock soon or later may attempt a breakout. For now, support for the stock is placed at Rs 697. On the upside, the stock can jump to Rs 836 with interim resistance likely around Rs 783. CLICK HERE FOR THE CHART