IIFL has given a buy recommendation on Zee with a target price of Rs 170.

Below given is the weekly chart of ZEEL. The stock has been consolidating in the range of 110 to 145 over the past two years. The stock has given a breakout of this range on a weekly closing basis. The stock has also surpassed the resistance trendline formed by connecting the highs made in 2007 and 2010 as shown in the chart.

The weekly RSI also has been oscillating in the 40-60 range over this period and has now clearly moved above the 60 level thus indicating further bullishness. The stock has seen a good pick up in volumes over the last few weeks as well.

"We initiate a buy call on ZEEL with a target of Rs 170. Traders can keep a stop loss at Rs 140 on a closing basis," the brokerage said.

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