Shares of ZEEL jumped 9.35% in three trading sessions from its recent closing low of Rs 237.85 on 16 August 2022.

In the past one year, the stock has soared 52.55% while the benchmark Sensex has risen 8.07% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 64.461. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 230.85 and 244.63 respectively. These levels will act as crucial support zones in near term.

Zee Entertainment Enterprises (ZEEL) is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.

The company reported 50.1% drop in consolidated net profit to Rs 106.6 crore despite a 4% increase in operating revenue to Rs 1845.7 crore in Q1 FY23 over Q1 FY22.