Nazara Technologies share price: After four back-to-back strong closings, the Indian market opened marginally lower on Tuesday amid negative cues from Asian markets. Asia stocks decline from Wall Street on Tuesday, and U.S. long-term Treasury yields sank to a four-month low, pulling the U.S. dollar down against the yen and other currencies as investors worried about the risk of global recession.
“There were also jitters about an escalation in Sino-U.S. tension with U.S. House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan against the objections of China, which regards the self-governed island as a breakaway province,” said Reuters
Meanwhile, minutes into the opening, the broader Nifty50 slipped below 17,300 and the Sensex declined by more than 200 points to trade near 57, 900 as the benchmarks fell by around 0.4% each.
In line with the benchmarks, Nifty Midcap declined by 0.10%, while the small cap stocks attracted some buying interest as the index gained over 0.10%.
Speaking on the recent rally, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the 2100-point rally in Nifty from the June lows has pushed the market into overbought territory with rising valuations. “Markets are likely to consolidate in the near-term. Capital goods and autos (the PV and CV segments) are on a strong wicket,” he said.
Earlier, certain stocks came in focus as the market ended strongly by one per centon Monday. These stocks were Metro Brands, Nazara Technologies and Teamlease Services.
On Tuesday’s intraday trade, Shares of Nazara technologies gained more than 13% to Rs 726 Metro Brands surged nearly 5% to Rs 775 per share, Teamlease services dropped more than 6% to Rs 3247.45 a share.
Here is what Akhilesh Jat, Category Manager – Equity Research, recommends investors should do with the following stocks
Metro Brands Limited
Buy: 750; SL: 720; TGT: 795
Share price of Metro Brands surged over 19 per cent intraday and closed in green for the fifth consecutive day on Monday. The stock has gained over 60% of its market value on NSE in Calendar year 2022 so far. Last week, the stock had given a breakout after prolonged consolidation of nearly six months within the range of 505 to 635. MACD on Daily chart crossed the Zero Line with positive crossover which indicates it may continue its upward trend.
Nazara Technologies Limited
Buy: 645; SL: 615; TGT: 695
Share price of Nazara Technologies surged 20 per cent to hit the upper circuit after the company posted June quarter numbers on Monday. The stock has closed positive for third straight days, a long bullish candle with higher volume indicates that a reversal is likely to occur. The histogram contracts on the downside and moves towards the zero line and momentum oscillator RSI also sustaining above the centreline suggests more upside in the prices in near to mid-term.
Teamlease Services Limited
Sell: 3240; SL: 3350; TGT: 3060
Share price of Teamlease Services continue its losing streak for third straight day. Recently the stock has given the breakout of its falling trendline, as it resumed heading higher, but it was unable to hold above it. The stock has been in a correction phase since October 2021 and currently trading below its 21, 50 & 200-Days Exponential Moving Averages. Momentum oscillator RSI and MACD indicator are also supportive for downward movement in the near term.
(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)