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Naukri (Info Edge India) Technical Analysis: Buy | Target Rs 2600

OUR RECOMMENDATION

  Buy    NAUKRI (INFO EDGE INDIA)  

CP#2444.85
IdeaBUY
Buy Range2340 – 2440
Target2550 – 2600
StopLoss*2280
Duration12 – 15 Trading Days
Potential Returns^7 – 9%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Returns^
2444.85BUY2340 – 24402550 – 2600228012 – 15 Trading Days7 – 9%

# CP – closing price on Apr 20, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 2500.
^ Potential returns are calculated based on the median of buy range.

COMPANY OVERVIEW - NAUKRI (INFO EDGE INDIA)

Info Edge (India) Limited operates as an online classifieds company in the areas of recruitment, matrimony, real estate, education-related service in India and Internationally. The company operates online recruitment business through its flagship brand ‘Naukri’ for job seekers and corporate customers. The company operates online real estate classified business through its portal 99acres.com, online matrimonial classified business through its portal jeevansathi.com and online educational classified business through its portal shiksha.com. Info Edge (India) Ltd. has a network of 62 offices located in 43 cities throughout India.

Stock Data
NSE CodeNAUKRI
Sectoral IndexNifty IT
52W High3130
52W Low1581
Face Value10
Relative Performance_Naukri vs Nifty IT Index

NAUKRI (INFO EDGE INDIA) TECHNICAL ANALYSIS - WEEKLY

Naukri Technical Analysis - Weekly Chart
Naukri Technical Analysis - Weekly Chart
  • As we see in the Weekly chart, the long term trend is positive, and there is a steady support baseline which is moving upwards along with price rise.
  • After a sharp downside breakout a month earlier, Naukri Stock Price regained its upward momentum and closing above the true crucial Weekly support, at 2370.

NAUKRI (INFO EDGE INDIA) TECHNICAL ANALYSIS - DAILY

Naukri Technical Analysis - Daily Chart
Naukri Technical Analysis - Daily Chart
  • We are witnessing the formation of ‘Higher Highs Higher Lows’ on a daily chart, which is a positive sign as per ‘Dow Theory’.
  • Naukri Share price had surpassed the hurdle of earlier resistance.
  • So in a nutshell, there is a Resistance breakout and, the stock is just above the uptrend line now.
  • The momentum oscillator RSI is also moving northwards and thus showing strength for this stock.
  • This can be a trade setup with a high Risk-Reward ratio. Kindly follow the Naukri target price 2550-2600 as mentioned above.

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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