New-Age Tech Stocks Soar: Zomato Crosses IPO Price Band, CarTrade Biggest Gainer This Week

SUMMARY

CarTrade Technologies emerged as the biggest gainer this week, with its shares jumping a whopping 25% on the BSE; 10 other new-age tech stocks gained in a range of 0.04% to over 13%

EaseMyTrip shares continued their loss-making streak and emerged as the biggest loser by falling 5.5%

While benchmark indices Sensex and Nifty lost the upward momentum by falling in the last two sessions of the week, they still ended the week 0.13% and 0.2% higher, respectively

New-age tech stocks saw a sharp rally this week on the back of improved investor sentiment on them and the rise in the broader equity market.Commenting on this, Siddhartha Khemka, head of retail research at Motilal Oswal, said that Indian equities are witnessing profit booking at higher levels. However, he said that the overall structure remains positive, with the Nifty gradually moving towards its previous lifetime high. “There is a possibility of non-directional activity or a sideways movement in the next few sessions. INR 70-INR 72 is a crucial support for Zomato while INR 80-INR 83 is the immediate resistance zone,” he said.On the other hand, Kotak’s Athawale said that it’s difficult to predict EaseMyTrip’s movement currently. “I am not expecting any break movement right now. On the downside, the immediate support would be INR 42 and on the upper side, the immediate resistance is INR 47,” Athawale said.

CarTrade Technologies emerged as the biggest gainer this week, with its shares jumping a whopping 25% on the BSE. Ten other new-age tech stocks under Inc42’s coverage, including Paytm, Zomato, Pb Fintech, RateGain, and Tracxn, also gained in a range of 0.04% to over 13% this week.