Nazara Technologies share cost hit a fresh record higher of Rs 2087.35, increasing 8.5 per cent on BSE intraday. In the earlier session also, this Rakesh Jhunjhunwala-owned stock rallied 7.6 per cent. This facts technologies (IT) software program merchandise business stock surpassed its earlier higher of Rs 2,026.90 touched on listing day, 30 March 2021. In the previous one month Nazara Technologies has outperformed BSE Sensex, rallying 20.34 per cent. BSE Sensex gained just 5 per cent in the course of the very same period. Analysts say a robust little-cap rally coupled with robust development projections for the mobile gaming marketplace in India with competitors only from unlisted players has led to a bullish trend in Nazara Technologies.
Nazara Technologies stock had hit a record low of Rs 1,421.50 apiece on 12 April 2021, because then the stock has rallied 47.5 per cent. Technically, a closing above today’s higher must lead to a target of 2230 in the coming days, AR Ramachandran stated. “However, if the stock closes below 1975, investors are advised to book profits and look for re-entry near 1720.” Ramachandran, Co-founder & Trainer, Tips2Trades, told TheSpuzz Online.
In traded volume terms, 67,000 stocks have exchanged hands on BSE, when a total of 13.66 lakh units have traded on NSE, so far in the day. Analysts say that Nazara Technologies has vibrant future prospects as the gaming sector in India is anticipated to develop at a speedy pace.
It has seen income development of 84% in the last economic year. “NazaraTechnologies is viewed as a platform for making strategic acquisitions throughout the gaming ecosystem,” Ashis Biswas, Head of Technical Research at CapitalBy way of Global Research, told TheSpuzz Online. Biswas also stated that this strategic acquisition across the segment has made it really profitable and has strengthened its strategic position in the marketplace segment and therefore fueled the current rally in the stock. Biswas expects Nazara Technologies to hit a target of Rs 2,350 apiece by the finish of this economic year.
Last month, Nazara Technologies announced the one hundred per cent acquisition of Hyderabad-based talent gaming business OpenPlay for a total consideration of Rs 186.4 crore. As per the June 2021 shareholding pattern, Big bull Rakesh Jhunjhunwala held a 10.82 per cent stake or 32.94 lakh shares of Nazara Technologies.
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