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Rakesh Jhunjhunwala portfolio: Tech stock gives breakout

Rakesh Jhunjhunwala portfolio: The stock is currently trading in the range of  ₹1780 to  ₹1930. There can be more upside once it manages to break the immediate hurdle placed at  ₹1930 levels, say experts. (MINT_PRINT)Premium
Rakesh Jhunjhunwala portfolio: The stock is currently trading in the range of 1780 to 1930. There can be more upside once it manages to break the immediate hurdle placed at 1930 levels, say experts. (MINT_PRINT)

  • Rakesh Jhunjhunwala portfolio: This tech and hospitality stock has given fresh breakout at around 1825 to 1830 levels. So, the stock looks in bull trend now, believe stock market experts

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Rakesh Jhunjhunwala portfolio: In recent stock market selloff caused by Russia-Ukraine war, positional investors are busy scanning quality picks that are available at discounted price. For such investors, there is a piece of good news as Nazara Technologies shares, which is close to its 52-week lows has given fresh breakout on chart pattern. Market experts are of the opinion that Nazara Technologies are in hospitality and online gaming business. As unlock theme is getting center-stage, its hospitality business revenue may shoot up in upcoming quarters. They advised positional investors to add this Rakesh Jhunjhunwala stock in one's portfolio for 3-6 month target of 2400 apiece levels.

Speaking on this Rakesh Jhunjhunwala stock; Ravi Singhal, Vice Chairman at GCL Securities said, "Nazara Technologies is mainly in hospitality and online gaming business, which has been hit badly during Covid-19 pandemic. In current unlock theme, both business segment of Nazara Technology is expected to grow and push its numbers in upcoming quarters. It has given fresh breakout at around 1825 to 1830 levels as well. So, the stock looks in bull trend now."

Source: GCL Securities
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Source: GCL Securities

Sharing major levels in regard to Nazara Technologies shares; Mudit Goel, Senior Research Analyst at SMC Global Securities said, "The stock is currently trading in the range of 1780 to 1930. There can be more upside once it manages to break the immediate hurdle placed at 1930 levels."

Advising positional investors to buy this stock for 3-6 months time; Ravi Singhal of GCL Securities said, "The stock has given fresh breakout yesterday a round 1825 to 1830 levels and can soon give sharp upside movement. Most importantly, it is close to its 52-week low hence the stock is available at an attractive valuations. Positional investors should buy this stock at current levels for 3-6 months target of 2150 and 2400 apiece levels. However, one must maintain stop loss at 1740 per share levels while taking position in this Rakesh Jhunjhunwala portfolio stock."

Rakesh Jhunjhunwala shareholding in Nazara Technologies

According to Nazara Technologies shareholding pattern for October to December 2021 period, Rakesh Jhunjhunwala holds 32,94,310 shares or 10.10 per cent stake in the company.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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