Level Up Your Investment Game with Nazara Technologies!
Founded in 1999, Nazara Technologies is India’s only listed gaming company. It is a leading diversified gaming & sports media platform with a strong presence in Indian and global markets.
The company has offerings across interactive gaming, eSports, ad-tech and gamified learning. Some of its IPs include Kiddopia, Classic Rummy, SportsKeeda, etc. Recently, the company’s shares increased by 5% after it announced partnerships with four Indian gaming studios to release five new games.
In the ever-evolving landscape of financial markets, can investors capitalize on this trending stock? Here’s a look at what the charts and indicators are telling us:
Weekly: Price Action
Weekly: Fibonacci Extension
A very strong rally has been seen at the counter in recent times. Taking the support of Fibonacci levels, we could watch out for the 161.8% and 261.8% mark near 1000 and 1200 levels respectively. Let’s not rule out the optimistic scenario of the counter achieving its previous high of Oct 2021 which is also coinciding with 361.8%.
Weekly: RSI & MACD
MACD, being a lagging indicator, confirms the direction post its emergence. Presently it has crossed the 0 line, which confirms the bullish trend. It has consistently remained above the zero line in the past few months and is now giving a bullish crossover, thus confirming the uptrend with strength.
After crossing the halfway mark in May 2023, the Relative Strength Index (RSI) has remained above 50. The trend has certainly remained intact since then. After the most recent price action, RSI has surpassed the 80 mark, which confirms the massive inherent strength in the counter.
MACD, being a lagging indicator, confirms the direction post its emergence. Presently it has crossed the 0 line, which confirms the bullish trend. It has consistently remained above the zero line in the past few months and is now giving a bullish crossover, thus confirming the uptrend with strength.
Weekly: Ichimoku
Ichimoku is an equilibrium indicator, which speaks about the price relation with its past, present and even future.
The price is clearly above the Ichimoku cloud and the Tenkan-Kijun crossover is positive, which confirms the bullish trend. The future cloud is also wide enough and both the Spans are upward sloping, confirming promising times ahead.
Every decline can be a good accumulating opportunity. All in all, the indicator is highlighting promising times ahead for the stock.
Daily: Price Action
On the daily time frame chart, as discussed earlier, price has corrected in a big way. After the brutal correction, price made almost equal bottoms twice and then entered a directional rally. Series of higher bottoms are seen, which makes the counter eye-catching.
Daily: Patterns
We also see two inverse head and shoulder bullish formations on the daily chart. Every breakout has added strength in the counter. Additionally, massive volume activities are seen on every breakout, which makes the counter worth relying on.
Putting it all together:
After looking at different observations on weekly time frame charts and multiple indicators, we feel the counter is offering the best mid-term opportunity to go long with an extremely favorable risk-reward ratio. We would prefer to ride the emerging rally, rather than booking profits with specific targets in mind.
After looking at different observations on weekly time frame charts and multiple indicators, we feel the counter is offering the best mid-term opportunity to go long with an extremely favorable risk-reward ratio. We would prefer to ride the emerging rally, rather than booking profits with specific targets in mind.
Statutory Disclosure: Kindly note that this update is only for educational purposes. It is safe to assume that our personal position, our fund’s position, our clients’ positions may be open on the counter. Prefer to take the advice of your financial advisor before initiating any position.
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This blog is written by Natasha Dedhia, under the guidance of Kunal Rambhia.
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