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zomato share price: Big Movers on D-St: What should…

Indian market closed in the red for the second consecutive day in a row on Tuesday tracking muted global cues. The S&P BSE Sensex fell nearly 500 points while the Nifty50 closed below 16500 levels.

Sectorally, selling pressure was visible in IT, FMCG, capital goods, and consumer durable stocks. The S&P BSE Mid-cap and Small-cap indices were down 1.2 per cent each.

Stocks that were in focus include

which rose over 3 per cent to hit a fresh 52-week high, plunged more than 12 per cent to another life low and was locked in the lower circuit of 20 per cent.

Here’s what Akhilesh Jat, Category Manager – Equity Research, CapitalVia Global Research recommends investors should do with these stocks when the market resumes trading today:

Vinati Organics Ltd: Buy at 2140| Stop Loss Rs 2070| Target Rs 2250-2380

Shares price of Vinati Organics surged over 9 per cent intraday on Tuesday to surpass its previous lifetime high amid revival of global demand and depreciation of the rupee.

Prices are continuously sustaining above Rs 21,50 & 200-Days Exponential Moving Averages. The momentum oscillator, RSI, stands at 67 which suggests prices may continue their upward movement in the upcoming sessions as well.

Zomato Limited: Sell on Rise

Shares price of Zomato declined over 12 per cent for two consecutive sessions ahead of the lock-in period on pre-offer equity shares that came to an end on July 23.

Prices of stocks are under sell-off pressure ahead of the one-year lock-in has ended for promoters, company employees, and founders of the company.

The stock price of Zomato tanked over 75 per cent from its all-time high. The current trend of the stock is looking weak and is expected to move in a downward trend in the near term, in this scenario one should use sell on rise strategy in the stock.

Tanla Platforms Limited: Avoid

Shares price of Tanla Platforms declined 20 per cent to hit a fresh 52-week low after the company posted earnings for the June ending quarter. The stock has lost over 61 per cent of its market value on NSE in the calender year 2022, so far.

The overall trend stock is weak and on the downside, Rs 650 may act as a key support level. MACD on the Daily chart crossed the Zero Line with a negative crossover which indicates it may continue its downward trend and momentum oscillator RSI is in the oversold zone, so at the current juncture, one should avoid this highly volatile stock.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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