ZEEL Bearish Trend Signals Further Downside Risk

Zee Entertainment,

continues to face a challenging fundamental backdrop, with FY26 consolidated operating revenue declining around 2% YoY while EBITDA fell sharply, reflecting pressure on profitability and elevated content and operating costs. Although the company is investing in digital, sports and newer content segments, the near-term earnings profile remains weak, with advertising softness and higher costs weighing on margins. Technically, the stock remains in a broader bearish structure after failing to sustain the June–July recovery and subsequently forming lower highs. The recent rejection from the ₹110–115 zone has reinforced selling pressure, with price now slipping below ₹95. Momentum is also deteriorating as the MACD has turned bearish, with the MACD line below the signal line and a negative histogram. Sustaining below ₹92–90 could open further downside towards ₹85 and ₹80, while ₹100–105 now becomes the immediate resistance zone. The overall bias remains bearish unless the stock decisively reclaims ₹105–110.