Stock market today: Following Paytm shares heavy selloff, recently listed shares like Policybazaar (PB Fintech shares), Nykaa and Zomato are also witnessing huge slump today. Continuing its slide on day two of its listing, Paytm shares slipped further and went down to the tune of 40 per cent from its upper price band of ₹2150. Zomato share price today dipped near 7 per cent, Policybazaar or PB Fintech shares went southward to the tune 8 per cent whereas Nykaa share price went off around 1 per cent in intraday trade session.
According to market experts, these recently listed stocks are falling due to the negative sentiment at the Indian stock market. They advised market investors to main buy on dips strategy and hold these stocks for 3-6 month time horizon.
Advising buy on dips strategy to stock market investors; Ravi Singhal, Vice Chairman at GCL Securities said, “Zomato and PB Fintech share prices are falling due to the negative sentiments at Dalal Street. But, one can buy Zomato and PB Fintech stocks at dips whereas I would suggest investors to avoid taking any fresh position in Paytm and Nykaa as their market capital doesn’t look realistic. One can buy Zomato shares in ₹115 to ₹125 range for 2-3 months target of ₹165 maintaining stop loss at ₹97 per share levels. Similarly, one can PB Fintech shares at ₹1080 for 6 months target of ₹1320 to ₹1440 maintaining stop loss at ₹1020 levels.”
Advising investors to avoid any fresh position in Zomato shares at current levels; Sumeet Bagadia, Executive Director at Choice Broking said, “Zomato shares are looking weak on chart and it may give fresh breakdown if it goes below ₹125 per share levels. On ₹125 breakdown on closing basis, it may go up to ₹115 per share levels. So, those who have this share in their portfolio are advised to exit on any bounce back and take fresh position when the market stables.” He advised shareholders of PB Fintech and other recently listed shares, to follow the same strategy till weak market sentiment continues.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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