Rakesh Jhunjhunwala and Nikhil Kamath gained Rs 33,04,19,293 and Rs 4,67,14,073, respectively, in just one day in this small-cap tech stock; a breakout is evident; don't miss the action!
Breaking out of a triangular-like pattern with robust volume—the highest since September of this year.
The NSE benchmark Nifty 50 index smartly recovered over 150 points from the day's low. The Nifty formed a Dragonfly Doji-like candle and closed near the day's high. Despite the bears briefly moving below the prior day's Bearish Engulfing pattern on an intraday basis, a V-shaped recovery dampened bearish hopes. Surprisingly, even the security breach in the parliament did not significantly impact market momentum. Typically, such incidents tend to influence market sentiments.
Looking ahead, sustaining below Wednesday's session low of 20,769.50 would give an advantage to bears. Until then, it is advisable to adopt a buy-on-dips strategy. In terms of stock-specific action, keep an eye on Nazara Technologies Ltd.
During Q2FY24, this Small-Cap stock successfully secured fresh capital of Rs 510 crore from investors like Nikhil Kamath, a prominent tech entrepreneur in India, and SBI Mutual Fund, the country's largest mutual fund. The stock, which witnessed a jump of more than 6 per cent to Rs 854.85 on BSE on Wednesday, displayed a strong upward move, breaking out of a triangular-like pattern with robust volume—the highest since September of this year.
Notably, Rekha Rakesh Jhunjhunwala, the wife of the late Shri Rakesh Jhunjhunwala, holds a substantial stake of 8.99 per cent, equivalent to 6,588,620 shares of the company. Additionally, Kamath Associates holds a 1.27 per cent stake, translating to 931,487 shares. With the stock registering a gain of Rs 50.15 per share, the profit made by the wife of the late Shri Rakesh Jhujhunwala is Rs 33,04,19,293, while Kamath Associates gained Rs 4,67,14,073.
Given these developments, it is advisable to keep Nazara Technologies Ltd. on your radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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