Netweb Technologies share price surged as much as 3.70% on NSE during the intraday session on Monday amid positive sentiments on Dalal Street. Netweb Technologies shares opened at ₹4,543 per share today, as compared to previous close of ₹4,520.30 on Thursday and touched an intraday high of ₹4,697 on 5 October.
Meanwhile, Indian equity markets staged a strong rebound on Monday, with the Sensex rising more than 400 points and the Nifty trading above the 22,500 mark. The Sensex opened at 72,340.95 and was trading at around 72,362.54, gaining 452.84 points, or 0.63%, from its previous close of 71,909.70. The Nifty opened at 22,532.40 and was quoted at around 22,543.05, up 121.10 points, or 0.54%, compared with its previous close of 22,421.95.
The rally in Netweb Technologies shares came in after the stock witnessed a spurt in its trading volume. According to data available on NSE, around 5.77 lakhs shares changed hands during the intraday session on Monday.
Netweb Technologies share price performance
Netweb Technologies share price have gained 1.13% over the past week but remained under pressure over the one-month period, declining 11.07%. The stock has, however, delivered a strong 50.13% return year-to-date (YTD), indicating that it has significantly outperformed despite the recent correction.
Over a longer timeframe, the stock has generated substantial returns, rising 7.10% over the past year and surging 459.69% in three years.
Netweb Technologies share price – Buy, sell or hold?
Virat Jagad Sr. Technical Research Analyst at Bonanza, said that fresh buying in Netweb is not recommended at current levels. Netweb Technologies remains in a long-term uptrend, with the stock trading above its 200-day moving average around ₹4,145.
Jagad added that the short-term structure remains weak as price is below the 20-day and 50-day moving averages. The stock is currently consolidating around the ₹4,575– ₹4,600 support zone. RSI at around 43 indicates weak momentum and remains below the 50 mark.
“A sustained move above ₹4,770, supported by RSI moving above 50, can signal renewed bullish momentum. Below ₹4,575, weakness may extend toward the ₹4,145 long-term support,” he said.
According to Gaurav Garg, Head – Research, Lemonn, the stock is showing early signs of a technical recovery after the recent correction. Garg further said that The stock has found strong buying interest around the ₹4,450–4,500 demand zone and is attempting to form a base at these levels.The stock remains below a short-term descending trendline, making ₹4,650–4,700 the first hurdle to watch.
“A sustained breakout above the trendline, followed by a move above the ₹4,780–4,800 resistance zone, would indicate a clear change of character and could trigger an up move towards ₹5,000–5,200. On the downside, ₹4,450 remains the key support, and a decisive break below this level would invalidate the bullish setup and expose the stock to further downside. For now, the bias is cautiously positive, with investors better positioned to wait for a confirmed breakout above ₹4,800 rather than chase the stock within the current range,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
