Nazara Technologies, one of the favorite stocks of Big Bull Rakesh Jhunjhunwala, touched a record level of Rs 2085 with a rally of 8.5 percent in intraday trading on Tuesday. The stock had gained 7.6 per cent in the previous session. On March 30 this year, the stock had reached the level of Rs 2026.90 on the day of listing itself. Since then this is its new high.
During the last one month, the rally of this stock has also defeated the rally of Sensex. Analysts say a sharp rally in small-cap stocks, strong growth prospects in the gaming market in India and competition only against unlisted gaming companies have reinforced the bullish trend in Nazara Technologies. In just 5 months, this stock has seen a rally of 50 percent. According to the data of June 2021, Rakesh Jhunjhunwala holds 10.82 percent stake in Nazara Technologies. He holds 32.94 lakh shares of the company.
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Investors can book profit if it goes below Rs 1975
Shares of Nazara Technologies had hit a low of Rs 1421.50 on 12 April 2021, but since then it has climbed 47 percent. Technically, if it closes above today’s high, it can go up to Rs 2230, says AR Ramachandran, co-founder and trainer of Tips2Trades, if this stock goes down by Rs 1975, then investors can book profits and exit from it. can. After this, they can enter it again at the level of 1720.
Analysts say that the stock of Nazara Technologies can see good growth as the gaming industry in the country is growing rapidly. The company’s revenue has grown by 84 percent in the last one year. Nazara is being seen as a platform from where strategic acquisitions can take place in the gaming ecosystem.
This stock may touch the level of Rs 2350 by the end of the year
Ashish Biswas, Head of Technical Research, CapitalVia Global Research, says that strategic acquisitions across the segment have made it a very attractive stock. This is the reason that its strategic position in the market has strengthened and this stock is seeing a boom. Vishwas believes that Nazara Technologies can touch the level of Rs 2,350 by the end of this year.
Last month, Nazara Technologies announced the purchase of Hyderabad-based skill gaming company OpenPlay for Rs 186.4 crore, according to June 2021 data, Rakesh Jhunjhunwala holds 10.82 per cent stake in Nazara Technologies. He holds 32.94 lakh shares of the company.
(Article : Surabhi Jain)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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