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Business News/ Markets / Stock Markets/  Gopal Snacks share price jumps 12.5% from intraday low. Buy, sell or hold?
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Gopal Snacks share price jumps 12.5% from intraday low. Buy, sell or hold?

Gopal Snacks share price rebounded from the intraday low of ₹ ₹341.80 apiece on NSE and touched an intraday high of ₹384.80 per share

Stock market today: Gopal Snacks shares are in ₹340 to ₹385 range. Bullish or bearish trend can be assumed on breakage of either side of the range, say experts. (Photo: Courtesy 'X' channel account of BSE)Premium
Stock market today: Gopal Snacks shares are in 340 to 385 range. Bullish or bearish trend can be assumed on breakage of either side of the range, say experts. (Photo: Courtesy 'X' channel account of BSE)

Stock market today: Gopal Snacks shares today listed on the Indian exchanges at a discount of nearly 12.50 percent. However, the newly listed stock went further down and touched an intraday low of 341.80 apiece on the NSE and 342 on the BSE. However, Gopal Snacks share price witnessed buying interest at the lower levels, which triggered a strong bounce-back in the newly listed stock. During this rebound, Gopal Snacks shares made an intraday high of 384.95 on BSE and 384.80 per share on NSE, logging a 12.50 percent rise from the intraday low. However, the stock is still trading below the upper price band of 401 per equity share.

According to stock market experts, this is the third straight mainboard IPO, which has been listed at a discount. However, they said that the rebound should not be taken as a rally as a bullish or bearish trend can be assumed on breakage of either side of today's range. The market experts advised Gopal Snacks share allottees to hold the scrip maintaining strict stop loss at 335 apiece level. Some analysts suggested long-term investors take advantage of this discounted listing and accumulate more Gopal Snacks shares at current levels.

Gopal Snacks share price outlook

Speaking on the Gopal Snacks share listing, Prashanth Tapse, Senior VP — Research at Mehta Equities said, "We believe this Gopal Snacks share listing allows investors to accumulate the growth story for the long term. Hence, considering all the parameters we recommend allotted investors to “HOLD" while those investors who missed and wish to add can accumulate GOPAL at any dip post listing for Long-term perspective only."

Also Read: Why is Yes Bank share price skyrocketing today — explained

Advising Gopal Snacks shareholders to hold the scrip, Arun Kejriwal, Founder of Kejriwal Research and Investment Services said, "This is the third straight mainboard IPO, which has listed at a discount. So, it is quite evident that the primary market is losing its sheen, which was visible two or three months ago. For those who applied for the book build issue and got shares through the allotment process, they are advised to hold the scrip maintaining a stop loss of around 335 per share level. Bullish or bearish trend in the scrip post-listing can be assumed on breakage of either side of today's range."

On the suggestion to those who didn't get Gopal Snacks shares through the allotment process, VLA Ambala, a SEBI-registered research analyst said, "Those who did not get any allotment, should wait at least till 11th April as it is a Lock period for Anchor Investors and post that let the market perform and based on the price performance decide your further actions."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.l

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 14 Mar 2024, 03:27 PM IST
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