Nazara Tech hits all time high; rises 14% in five days

Nazara Technologies surged 5.4% to Rs 2625.95, extending its winning run to fifth consecutive trading session.

Shares of Nazara Tech have surged 14.6% in five trading sessions from its previous closing low of Rs 2290.65 on 29 September 2021. The counter hit an all-time high of Rs 2658 in intraday today. The stock has zoomed 86% from its 52-week low of Rs 1412.5 recorded on 12 April 2021.

In last one month, the stock has moved nearly 41.4% higher outperforming Sensex which rose 1.51% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 82.442. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 20 and 50 days simple moving average placed at 2177.72 and 1922.52 respectively. These levels will act as crucial support zones in near term.

Nazara Technologies is one of the leading mobile games companies. It is India's leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.

The company's consolidated net profit stood at Rs 13.50 crore in Q1 June 2021 as compared to a net loss of Rs 21.70 crore in Q1 June 2020. Consolidated net sales soared 45% to Rs 131.20 crore in Q1 FY22 from Rs 90.50 crore in Q1 FY21.

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