Latest Barbeque Nation Hospitality News
Nov 18, 2021
Here's what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today. Sunil Shankar Matkar Trade × The market extended losses amid volatility and fell half a percent due to correction in banking & financials, pharma and select metals stocks on November 17. The Nifty50 closed a tad below 17,900-mark with a loss of 100 points and the BSE Sensex fell over 300 points to end moderately above 60,000 levels. The broader market continued to show a mixed trend with the Nifty Midcap 100 index falling 0.67 percent and Smallcap 100 index rising 0.13 percent. Stocks that were in focus include Apollo Hospitals Enterprises, which gained 12.5 percent to close at Rs 5,733.95, L&T Technology Services (closed at Rs 5,675.50 with 5.75 percent gains), Tanla Platforms and Barbeque Nation Hospitality - both were locked in 5 percent upper circuit at Rs 1,392.20, and Rs 1,610.25, respectively. Here's what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today: It is the biggest healthcare stock in terms of market capitalization, and is better-placed among the listed peers. It has posted good up move in past couple of sessions, rallying from Rs 4,600 to Rs 5,800-plus levels in just 4 days. On weekly charts, breakout from N-formation is also witnessed which is backed by strong volume. Considering its overall chart pattern, we see it heading towards Rs 6,200 levels which is the first target of the above mentioned formation. This stock is in strong uptrend, trading in higher highs higher lows formation from quite a long time. During the initial COVID impact that adversely impacted markets across the globe, this stock too witnessed the heat, corrected reasonably, fell from levels close to Rs 2,000 till Rs 1,160. Post this slide, steep rise have been witnessed and the stock price never looked back, it has multi-folded since then. Considering its past performance, we advise medium to long term buyers to stay invested and those who missed out can utilize dips to take fresh entry. It has consolidated in range Rs 750 till Rs 1,000 levels for almost eight months (February till October 2021) before steeply moving higher. In less than a month, it has moved up from Rs 1,000 to levels close to Rs 1,400. It had traded at upper circuit during that rise, on Wednesday i.e. November 17, it was at 5 percent upper circuit. It has surpassed upside target range of the rectangle formation it was trading in; hence, chances of some profit taking cannot be ruled out but that should not be considered negative. It should be used as an opportunity to go long as the overall trend is still quite strong.