Shares of Netweb Technologies India Ltd. experienced profit booking recently, closing 3.31 percent lower at Rs 3,930.95 on Monday. Despite this, a prominent technical analyst maintains a positive long-term outlook for the technology stock, projecting significant upside.
Immediate Outlook and Support Levels
Jatin Gedia, a Technical Research Analyst at Teji Mandi, a subsidiary of Motilal Oswal Financial Services Ltd (MOFSL), provided his analysis during an interaction with Business Today TV. Gedia noted that Netweb Technologies has generally been an outperformer but has seen some profit booking from its higher levels.
According to Gedia, the crucial short-term support zone for the stock lies between Rs 3,660 and Rs 3,570. He recommends that investors consider fresh buying opportunities if the stock approaches this range. For the immediate future, Gedia has set an upside target of Rs 4,240.
Long-Term Growth Potential
Looking beyond the short term, Gedia expressed strong confidence in Netweb Technologies' potential. He believes the stock could comfortably achieve a target of Rs 5,000 within the next three to five years. "The overall trend is positive and 'buy-on-dips' at the support level should be the strategy," Gedia stated, emphasizing that it remains a good stock to hold for long-term investors.