Rakesh Jhunjhunwala stock dips 30% this year. Should you buy, hold or sell?
Rakesh Jhunjhunwala portfolio: Big Bull-backed Nazara Technologies shares have been under selloff heat for quite sometimes. After ascending to its life-time high of ₹3356 per share in October 2021, Nazara Technologies share price has corrected around 50 per cent and today it is quoting at ₹1737 apiece. In year-to-date (YTD) time, this Rakesh Jhunjhunwala stock has shed to the tune of near 30 per cent. According to stock market experts, Nazara Technologies has presence in hospitality and online gaming segment. It’s major business comes from hospitality but the company is quite aggressive in online gaming segment too. They said that stock is in consolidation phase and there can be some more slide in the stock. They advised positional investors to buy this stock in the range of ₹1500 to ₹1600 per equity share for one year target of ₹2100 apiece levels.
Speaking on this Rakesh Jhunjhunwala portfolio stock; Manoj Dalmia, Founder & Director at Proficient Equities Private Limited said, “Nazara Technologies shares have strong support at ₹1527 apiece levels whereas its immediate support is placed at ₹1685 per share levels. So, buying at support zone is recommended in this scrip as it has been under consolidation phase after climbing to its life-time high of ₹3356 per share mark in October 20214.”
Advising positional investors to wait for further consolidation; Ravi Singhal, Vice Chairman at GCL Securities said, “Nazara Technologies shares are expected to make an excellent buying zone in ₹1500 to ₹1600 per share range. One should wait for some time as the stock may remain in consolidation phase for some time till Russia-Ukraine war continues to affect global equity markets. As the stock has presence in hospitality and online gaming business, both are expected to do well in the wake of ease in Covid-19 impact and fast unlock theme. We recommend positional investors to buy this Rakesh Jhunjhunwala stock in ₹1500 to ₹1600 range for one year target of ₹2100 maintaining stop loss at ₹1400 apiece levels.”
Rakesh Jhunjhunwala shareholding in Nazara Technologies
According to Nazara Technologies shareholding pattern for Q3 FY2021-22, Rakesh Jhunjhunwala holds 32,94,310 shares, which is 10.10 per cent of the total issued paid-up capital of 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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