On Tuesday, the Indian stock market fell by more than 1.5% due to disappointing trends from global markets. The BSE Sensex dropped over 1,200 points, while the Nifty50 closed just above 23,000.
Many sectors, including utilities, telecom, power, consumer goods, and real estate, faced heavy selling. Some stocks that saw a big drop include Newgen Software, down over 16%, Dixon Technologies, which closed 13% lower, and Zomato, down nearly 11%.
We talked to Rajat Kulshrestha from My Mudra Fincorp about what to expect for these stocks in the coming days.
Zomato:
Zomato’s stock has been fluctuating since August 1, 2024, with a total fall of 2.82% over the past six months. Recently, it dipped below the important support level of Rs 231-242 and is now looking for support at Rs 207. This price has held up well before. If Zomato can bounce back, we might see it rise to levels of Rs 231, Rs 251, and Rs 271. But if it drops below Rs 207, it could fall further to Rs 182 and Rs 171. The stock is currently facing a lot of selling pressure.
Dixon Technologies:
Dixon Technologies has had a mixed trend, pushing higher and lower since June 2024. It recently broke through an important support line and is testing a critical support zone between Rs 14,702 and Rs 15,502. If it holds here, it could rise to Rs 16,159, Rs 17,739, and Rs 18,547. The stock has performed well over the past year, with returns of over 158%. However, it is also facing significant selling pressure currently.
Newgen Software Technologies:
Newgen’s stock has been moving up and down since September 2023. It faced a big drop recently and is now testing a support zone between Rs 1,292 and Rs 1,321. If it bounces back up, the next targets are Rs 1,692 and Rs 1,800. If it goes down again, it could hit support levels around Rs 1,131 to Rs 1,151. This stock has shown strong growth lately, with a 60% increase over the past year, but is currently experiencing significant selling pressure.
(Disclaimer: The views shared by the analyst are personal opinions and do not reflect the views of Thellv.news)
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