The inverted hammer can only occur after a sustained downtrend, the stock is in all probability already oversold. Therefore, the inverted hammer signifies that traders who have held long positions in the security, most of whom are now showing large losses, often are quick to dump their shares by selling into strength .
On Thursday Muhurat trading session closes with Inverted Hammer Candlestick on Nazara Tech. A pure Inverted Candle with small green body and longer upper leg.
The Inverted Hammer Candlestick is taking support at 2nd level near 2250 and major support 1 level is at 2030 – can be easily seen in charts below. Stock is also taking support at dynamic trend line and 50 days EMA.
The relative strength index is also moving towards 70 (oversold zone).
India’s Warren Buffet and Big Bull Mr. Rakesh Jhunjhunwala is holding 32,94,310 shares (10.82%) in this stock as on Sep 2021 Quarter. The info is not clear but Big Bulls is holding all these stocks with Average price of apps. 2400-2450 per share. So considering all, stock is at discount price now and future for the industry is very bright.
Concern area is, Revenue and PAT both have shown not much after listing and in other hand Net loss has shown increment (Jun and Sep 2021 quarter). But good thing is this is debt free stock.
Promotors holding only 20.7% stakes. FIIs 8.28% and DIIs 5.83% (13 mutual fund schemes).
Delivery report for Nazara is not reflecting any significant change hence keep an eye on the price moment and enter into it with long term view post doing your own due diligence.
Date of Incorporation 08/12/1999
Founder, Group Chairman, & MD: Mr. Nitish Mittersain
Date of Listing: 30th March, 2021
Number of outstanding shares: 30452836 equity shares of Rs. 4 each /-
About Company: Nazara Tech is leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems. Nazara Technologies is a leading India based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports and gamified early learning ecosystems. The company owns some of the most recognisable IP, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, and Halaplay Technologies Private Limited (“Halaplay”) and Qunami in skill-based, fantasy and trivia games. Nazara was among the first entrants in the Indian market in eSports (through Nodwin) and cricket simulation (through Nextwave).
Disclaimer: Author is already holding small quantity and adding on different levels as SIP on monthly basis.
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