Industry benchmark Nifty Media rose more than 1% on April 21, driven by gains in Nazara Technologies and Dish TV, which have been under pressure for some time.

Nazara Technologies jumped more than 10%, its biggest one-day gain since September 2022. The stock also traded above its 100-day moving average (DMA) intraday for the first time since January 2023. Dish TV rose 14%.

At 12:44 pm, Nazara Tech was up 8.88% at Rs 579 on the NSE and Dish TV was up 13.87 per cent at Rs 15.60. The benchmark Nifty Media rose 1.26% to 1,705.50.

But not everyone was sold on the rally. Nazara Technologies’ market value has fallen more than 13% in the past six months and more than 25% in the past year.

The chart remains unattractive and, at best, sees some short-term technical rally to Rs 620. On the downside, support will be at Rs 520-525, he said.

Buying interest in the stock may stem from ICICI Pru mutual fund increasing its stake in the online gaming company from 4.91% to 5.11%.

Earlier, domestic brokerage Prabhudas Liladhar expected Nazara Technologies’ net profit to rise 347% year-on-year to Rs 10 crore in the fourth quarter of fiscal 2023.

It expects profit to fall 46% quarter-on-quarter and net sales to rise 72% year-on-year while falling 4% quarter-on-quarter to Rs 302 crore.

Dish TV has also been under pressure, down 7% over the past year and about 17% in 2023.

In Q3FY23, the company reported a consolidated net loss of Rs 3 crore compared to a profit of Rs 81 crore in the same period last year. Total revenue was Rs 567 crore, down 21% year-on-year and 6% quarter-on-quarter.