Nuvoco Vistas shares rebound after weak debut. Should you buy or hold?

Nuvoco Vistas share price: For short-term perspective, one can buy the counter at current levels maintaining stop loss at ₹520 for immediate target of ₹640, say experts.Premium
Nuvoco Vistas share price: For short-term perspective, one can buy the counter at current levels maintaining stop loss at ₹520 for immediate target of ₹640, say experts.
 2 min read . Updated: 24 Aug 2021, 10:23 AM IST Asit Manohar

After weak listing on Monday, Nuvoco Vistas share price today shot up more than 5 per cent and came close to its issue price of ₹570. According to stock market experts, Nuvoco Vistas is an infra sector stock and in the long-term, the outlook for both sector and the stock look positive. They said that weak listing of the public issue was due to the higher valuation and negative market sentiment. They went on to add that after the listing of shares, people are expected to buy the stock from the open market as it is available at a reasonable price. They advised Nuvoco Vistas share holders to hold the counter for 6 to 9 months target of ₹700 to ₹720 while for fresh buyers, their opinion was to continue buying till it is in ₹520 to ₹560 zone maintaining stop loss at ₹470.

Nuvoco Vistas share price outlook

Speaking on the fundamentals supporting Nuvoco Vistas shares; Santosh Meena, Head of Research at Swastika Investmart Ltd said, "Nuvoico Vistas is an infrastructure sector company with decent financials. We are bullish on the infra sector and Nuvoco Vistas being a cement manufacturer company, we recommend investors to hold the counter for long-term." He said that weak listing of the company was mainly due to the expensive valuations and weak market sentiments.

Nuvoco Vistas share price target

On whether one can take fresh position in Nuvoco Vistas shares; Ravi Singhal, Vice Chairman at GCL Securities said, "For short-term perspective, one can buy the counter at current levels maintaining stop loss at ₹520 for the immediate target of ₹640. However, for those who want to take long-term position, they are advised to maintain buy on dips strategy till this counter is in the range of ₹520 to ₹560 maintaining stop loss at ₹470. The cement manufacturer company stock is expected to go up to ₹700 to ₹720 in next 6 to 9 months."

Nuvoco Vistas shares had a weak debut yesterday as the stock listed at ₹471 at BSE and at ₹485 at NSE against its issue price of ₹560 to ₹570. However, stock market experts had maintained that Nuvoco Vistas is an infrastructure sector stock and it may showcase rebound in next few trade sessions because those who failed to get this stock during allocation process might think of buying the counter from open market.

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