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Stock market today: The NSE shares continued their downtrend for the second straight session on Monday. NSE share price today opened lower at ₹1,786 per share on the BSE and touched an intraday low of ₹1761 within a few minutes of the Opening Bell. On the third day of listing, the NSE share price decisively slipped below the upper price band of the NSE IPO.
Stock market experts believe the NSE share price is falling due to weak market sentiment. They said that NSE has strong fundamentals and one should have this stock in one's portfolio. They advised NSE shareholders to hold the stock, maintaining a stop-loss at ₹1740. They said that the NSE share price close will be important today. If it closes below ₹1785, then it would be a new hurdle for the newly listed stock. Experts said that the previous close of ₹1792-95 would remain the immediate hurdle on Monday.
Highlighting the reason for the fall in the NSE shares post-listing, Arun Kejriwal, Founder of Kejriwal Research and Investment Services, said, “The NSE share price is under sell-off heat due to the weak sentiments on Dalal Street. The stock opened on a positive note despite the market falling. This signifies the bulls' confidence in the NSE shares.”
Kejriwal said that NSE shares are portfolio stocks and that one must have them in one's portfolio.
“The NSE reflects the Indian economy and the Indian capital market. So, it is a portfolio stock, and one should buy and hold the stock to meet the long-term goals,” said Kejriwal.
On what investors should do now, Anuj Gupta, a SEBI-registered market expert, said, “NSE shareholders are advised to hold the scrip, maintaining a stop loss at ₹1740. The stock has decisively broken below its IPO price of ₹1785. Now, this is expected to work as an immediate hurdle, followed by its previous close of ₹1792.”
The SEBI-registered expert advised NSE shareholders to hold the scrip and wait for either side of the range, ₹1740 to ₹1785, to be broken. He said that today's NSE closing price would be important. If the stock fails to move above ₹1785, a recovery can't be expected without a bull trigger for the Indian stock market.
On whether a recovery in NSE share price is possible, Arun Kejriwal said, “The average weighted NSE share price today is around ₹1770, whereas the NSE share is currently trading at ₹1772 per share on the NSE. If the price sustains above ₹1770 for a few hours, then we can expect the stock to come above ₹1785. However, the previous close would continue to work as immediate resistance for the NSE shares on Monday.”
Whether a fresh investor can buy NSE shares in the current fall, Anuj Gupta said, “Fresh investors are advised to buy NSE shares in a calibrated manner, maintaining a stop-loss below ₹1700 for the immediate target of ₹1875 to ₹1880. On breaking above this mid-term resistance, we can expect the NSE share price to come around ₹1950 to ₹1960 per share range in the next three months, once it decisively breaks above its current all-time high.”
PL Capital has also given a target of ₹1950 to NSE shares, while Macquarie, which initiated coverage on the recently listed exchange with a target price of ₹1,965, cited its dominant market position, strong liquidity, technology infrastructure and scope to expand beyond transaction-led revenues.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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