Nazara Technologies share price: After four consecutive strong closes, the Indian market opened slightly lower on Tuesday amid negative indices from Asian markets. Asian stocks fell on Wall Street on Tuesday and long-term US Treasury yields fell to a four-month low, dragging the US dollar lower against the yen and other currencies as investors worried the risk of a global recession.
“There were also concerns about an escalation in US-China tensions with US House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan over objections from China, which considers the autonomous island as a breakaway province,” Reuters said.
Meanwhile, minutes into the open, the wider Nifty50 slipped below 17,300 and the Sensex fell over 200 points to trade near 57,900 as the benchmarks fell about 0.4% each.
In line with the benchmarks, Nifty Midcap was down 0.10%, while small cap stocks saw some buying interest as the index gained more than 0.10%.
Speaking on the recent rally, VK Vijayakumar, chief investment strategist at Geojit Financial Services, said Nifty’s 2,100-point rally from June lows pushed the market into overbought territory with valuations rising. . “Markets should consolidate in the near term. Capital goods and autos (the PV and CV segments) are on a solid counter,” he said.
In Tuesday’s intraday trading, shares of Nazara Technologies gained over 13% to Rs 726. Metro Brands jumped nearly 5% to Rs 775 per share, Teamlease Services fell over 6% to Rs 3,247 .45 per share.
Here’s what Akhilesh Jat, Category Manager – Equity Research, recommends investors do with the following stocks
Metro Brands Limited
Purchase: 750; SL: 720; TGT: 795
Metro Brands’ stock price jumped more than 19% during the day and closed in green for the fifth day in a row on Monday. The stock has so far gained more than 60% of its market value on NSE in calendar year 2022. Last week, the stock gave a break after a prolonged consolidation of nearly six months in the range from 505 to 635. The MACD on the daily chart has crossed the zero line with a positive cross that indicates that it may continue its upward trend.
Nazara Technologies Limited
Purchase: 645; SL: 615; TGT: 695
Nazara Technologies’ share price jumped 20% to the upper circuit after the company released June quarter figures on Monday. The stock closed positive for the third day in a row, a long bullish candle with higher volume indicates that a reversal is likely to occur. The histogram is contracting on the downside and moving towards the zero line and the RSI momentum oscillator also holding above the middle line suggests greater price upside in the short to medium term.
Teamlease Services Limited
Sell: 3240; SL: 3350; TGT: 3060
Teamlease Services stock price continues its losing streak for the third straight day. Recently, the stock gave the breakout from its downtrend line, as it resumed its upward direction, but it was unable to hold above it. The stock has been in a corrective phase since October 2021 and is currently trading below its 21-, 50- and 200-day exponential moving averages. The RSI Momentum Oscillator and the MACD indicator also support a short-term downward move.
(Disclaimer: Opinions/suggestions/advice expressed here in this article are investment experts only. Zee Business suggests its readers consult their investment advisors before making any financial decisions.)