Zomato, ATGL, Paytm: Should you buy these stocks as NSE approves F&O entry?

The NSE has approved the addition of 45 new stocks to the F&O; technical chart suggests that these 5 including the likes of Paytm, Zomato and Adani Total Gas can zoom up to 27% from present levels.

As many as 41 out of the 45 stocks to be added by the National Stock Exchange (NSE) to the futures and options segment were seen trading with gains in intra-day deals on Friday.  

 

The NSE in its first revision in 2.5 years, in a circular on Wednesday, announced the addition of 45 stocks based on the new eligibility norms. The stock exchange said the new entrants will be available for trading in the F&O segment from November 29, the exchanges said. Here's the full list of stocks.

 

A host of new-age stocks have found their way in the F&O segment, alongside several other PSU stocks. The buying interest at these counters can be attributed to the fact that only F&O traded stocks are eligible for inclusion in the benchmark indices.

 

On the NSE in the first one-hour of trades among the new inclusions, Jio Financial Services and Paytm were the top movers, up 5 per cent each. Among others, Zomato, Varun Beverages, Angel One, CDSL, Macrotech Developers, YES Bank, CAMS, PB Fintech, Kalyan Jewellers, BSE and Tube Investments were the other significant movers - up 2 - 4 per cent each.

 

Against this background, here are 5 such stocks from these 45 shares that look favourably placed on the technical charts.

 

Jio Financial Services

Current Price: Rs 317

Upside Potential: 12%

Support: Rs 302

Resistance: Rs 325; Rs 336

 

Jio Financial Services stock is seen trading below the key moving averages on the daily scale; but at the same time seems to be finding support around the super trend line on the weekly chart. As such, the near-term bias for the stock is likely to be cautiously optimistic as long as the stock holds above Rs 302 levels.

 

On the upside, the stock can attempt a pull-back to Rs 355 levels; with interim resistance likely around Rs 325, Rs 336 levels. CLICK HERE FOR THE CHART

 

Zomato

Current Price: Rs 268

Upside Potential: 12%

Support: Rs 255; Rs 251

Resistance: Rs 277

 

Despite the recent market fall, Zomato stock somehow managed to find support around the 100-DMA (Daily Moving Average), which stands at Rs 251. That apart, the Zomato is now attempting to conquer the 20-WMA (Weekly Moving Average) hurdle, stands at Rs 255.

 

Thus, in the near-term, the bias is likely to remain positive as long as Zomato trades above these support levels. On the upside, the stock has near resistance at Rs 277, above which a rally towards Rs 300 seems likely. CLICK HERE FOR THE CHART

 

Paytm

Current Price: Rs 787

Upside Potential: 27%

Support: Rs 762; Rs 736

Resistance: Rs 840

 

Paytm stock has witnessed a sharp 88 per cent rally post the breakout on the weekly scale in the first week of July. Further, the stock has been making higher-highs and higher-lows on the daily. The 20-DMA at Rs 762 is acting as an immediate support for the stock, below which near support exists at Rs 736.

 

On the upside, the stock faces key resistance around the super trend line on the monthly scale at Rs 840 levels. The stock will need to cross this hurdle for a fresh rally to emerge towards Rs 1,000-mark. CLICK HERE FOR THE CHART

 

Adani Total Gas (ATGL)

Current Price: Rs 686

Upside Potential: 22.5%

Support: Rs 669

Resistance: Rs 714; Rs 750; Rs 816

 

Adani Total Gas stock has tumbled almost 40 per cent from its June high of Rs 1,190, and is seen trading in the oversold zone on multiple time-frames. The stock can be counter-trade, as it is seen holding support above the super trend line on the daily chart, which stands at Rs 669. 

 

On the upside, a sharp spike to Rs 840 levels cannot be ruled with interim resistance likely around Rs 714, Rs 750 and Rs 816 levels. CLICK HERE FOR THE CHART

 

NCC

Current Price: Rs 280

Upside Potential: 17.9%

Support: Rs 273; Rs 269; Rs 252

Resistance: Rs 297; Rs 314

 

NCC stock is seen trading with a bullish bias post the breakout on the weekly chart in August 2022. The 50-WMA (Weekly Moving Average) and the super trend line, shows presence of key support for the stock around Rs 252 and Rs 269 levels; with near support for NCC seen at Rs 273.

 

As long as these support levels are held, the stock may attempt a rebound in the near future. As such, the stock may bounce back to Rs 330 levels; with interim resistance likely around Rs 297 and Rs 314 levels. CLICK HERE FOR THE CHART