Zaggle Prepaid Ocean, Zomato and Century Plyboards among Mehta’s top stock recommendations

Zaggle Prepaid Ocean, Zomato and Century Plyboards among Mehta’s top stock recommendations

By Riyank Arora

On Tuesday, the benchmark index witnessed some selling pressure near the 21,000 mark. The Nifty ended 90 points lower while the Sensex was down by 377 points. Among Sectors, The Nifty Oil & Gas and Nifty Realty are under the most pressure. Technically, the market has been struggling to sustain levels above 21,000, facing constant selling pressure. Immediate support for Nifty lies at the 20,850 mark. Below this level, we can expect increased selling pressure in the indices. Any upside would only come if we surpass the 21,050 mark now.

ZomatoBUY | CMP: 116.75 | TARGET: 140 | SL: 110

The stock is trading well above its recent anchor VWAP support zone and retested it in Tuesday’s trading session. With the overall trend being positive and the stock continuously in an uptrend, it looks poised for an upward move towards 140, with a strict stop-loss placed at 110.

Century Plyboards (India)BUY | CMP: 776.35 | TARGET: 900 | SL: 720

The stock has experienced a strong breakout above the March 2022 highs, successfully closing above its multi-year highs with a sharp spike in volumes. With the overall trend being positive and the momentum strong, the stock appears to be a good buy on any pullback towards 750-760, with a stop-loss placed slightly below 720 for potential targets of 850 and 900.

(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)