New-age tech stocks: Nykaa, Paytm among top bets for Prabhudas Lilladher

Based on technical research, Vaishali Parekh, research analyst, Prabhudas Lilladher has picked 10 new-age tech stocks that investors can look at:

1. Affle India

Recommendation: Buy | CMP : ₹1,040 | Target: ₹1,310 | Stop Loss: ₹936

The stock has indicated an asymmetrical triangular pattern on the daily chart with base taken near the long term trendline support zone of ₹1,020 and currently also after short correction has arrived at this level. The RSI is well-placed and has shown upside potential from here on. We suggest to buy and accumulate the stock for an upside target of ₹1,310, keeping the stop loss of ₹936.

2. Car Trade

Recommendation: Buy | CMP: ₹510 | Target: ₹640 | Stop Loss: ₹459

The stock has made a decent correction from the recent higher levels of 732 to 234 where it has taken support and has almost made a double bottom formation pattern in the daily chart. The RSI has been positive and with volume picking up in recent times, we recommend a buy in this stock for an upside target of 640 keeping a stop loss of 459.

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3. Go Fashion

Recommendation: Buy | CMP: ₹1,023 | Target: ₹1,320 | Stop Loss: ₹925

After witnessing a decent correction from the 1450 level, the stock has found support near the 1000 level, a 0.78% retracement of its recent fall, and has indicated a positive candle indicating strength to carry on the rally further towards the 1320 level. With the RSI indicating a trend reversal and signaling a buy, we recommend a buy in this stock for an upside target of ₹1,320, keeping a stop loss of ₹925.

4. Indiamart

Recommendation: Buy | CMP: ₹4,755 | Target: ₹5,880 | Stop Loss: ₹4,230

The stock has been in a gradual correction phase and after the recent rally has made a higher bottom formation pattern in the daily chart and we anticipate the stock to move strongly in the upward direction further. The RSI also has indicated a trend reversal signaling a buy and with decent volume participation we recommend a buy in this stock for an upside target of 5,880 keeping a stop loss of 4,230.

5. MapMy India

Recommendation: Buy | CMP: ₹1,084 | Target: ₹1,350 | Stop Loss: ₹973

The stock has witnessed a short correction from 1180 levels to 1050 levels and taking support near 1050 levels, indicating a higher bottom formation pattern on the daily chart. There are signs of improvement in the bias, with the RSI also showing a trend reversal and signaling a buy to anticipate further upside movement in the coming days. We recommend buying and accumulating this stock with an upside target of 1350 and a stop loss of 973.

6. Nazara Tech

Recommendation: Buy | CMP: ₹549 | Target: ₹690 | Stop Loss: ₹490

The stock has been in a sideways movement for some time, hovering between the large range of 630 and 525. The RSI has been on the rise, and we anticipate the stock to move upward to a higher range of 630 levels. As long as the price remains above 630, it is anticipated to rise further until it reaches the 700 level. We recommend a buy in this stock for an upside target of 690, keeping a stop loss of 490.

7. Nykaa

Recommendation: Buy | CMP: ₹152 | Target: ₹185 | Stop Loss: ₹132

The stock has given a bullish candle pattern after a short consolidation period, and we anticipate it to give a return of around 15%–20% from here on. The RSI indicator has also given a buy signal by reversing its trend. The support is strong at around 130 levels. As a result, we recommend a buy in this stock with a stop loss of 132 and an upside target of 185.

8. Paytm

Recommendation: Buy | CMP: ₹690 | Target: ₹845 | Stop Loss: ₹608

The stock has indicated a decent spurt to come out of the consolidation phase and moving past the significant 200DMA level of 630 has improved the bias anticipating for further rise in the coming days. The RSI has shown strength and with the chart indicating immense upside potential, we suggest to buy and accumulate the stock for an upside target of 845 keeping the stop loss of 608

9. Policy Bazaar

Recommendation: Buy | CMP: ₹495 | Target: ₹620 | Stop Loss: ₹434

POLICY BAZAR has recently made a double bottom formation in the daily chart and has recovered significantly to give a breakout above the previous peak level of 492. The stock now has the potential to continue its rally to the level of 620 and beyond with strength. We recommend buying this stock with a target price of 620 and a stop loss of 434.

10. RateGain

Recommendation: Buy | CMP: ₹366 | Target: ₹455 | Stop Loss: ₹324

The stock has broken out above the 315 level and is heading towards the next resistance zone of 400. We expect a breakout above the 400 level and further new highs. We anticipate an upward move in the coming days, and with the RSI maintaining its strength, it supports our view of a positive bias. We advise you to buy this stock with a target price of 455 and a stop loss of 324.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.