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Following weak stock market today, PolicyBazaar share price or PB Fintech shares have fallen around 10 per cent in early morning deal. PF Fintech shares today opened with a downside gap of around ₹28 on NSE and went on to further slide and hit today's low of ₹775 per share, logging around 10 per cent loss in opening bell session. However, stock market analysts are looking at this dip as buying opportunity for short to long-term to long term buyers.
According to stock market analysts, PolicyBazaar share price may bounce back strongly as it is expected to get good business volume from policy renewal. They said that the time is opportune as this dip might be short lived and the stock may soon surge up to ₹1000 levels in short term.
Speaking on PolicyBazaar share price chart; Sumeet Bagadia, Executive Director at Choice Broking said, "PB Fintech shares have strong support at ₹750 and it may go up to ₹720 to ₹700 on breakage of this support. So, positional investors should wait for some time as the stock is expected to become highly bullish after giving breakout above ₹850 on closing basis."
Echoing with Sumeet Bagadia's views; Anuj Gupta, Vice President at IIFL Securities said, "PolicyBazaar share price has corrected almost 50 per cent since listing from a life time high of ₹1470 levels. Current quarter is considered peak business quarter for the company as demand for the life and mediclaim policies traditionally goes up at the end of the end of financial year. We may see a bounce back in a stock from current levels. It has a strong support at ₹750 to ₹760 levels. High risk investors can buy or accumulate in this stock as it may test ₹950 to ₹1000 levels in a short term."
Highlighting the fundamentals of PolicyBazaar; Ravi Singhal, Vice Chairman at GCL Securities said, "PolicyBazaar or PB Fintech's main income is from the policy renewal. As policy renewal goes up in last quarter of the financial year, it is expected to report strong Q4 numbers. So, the current dip is a good opportunity for buyers but, they should buy around ₹750 to ₹760 and hold for long-term target of ₹1200." Ravi Singhal of GCL Securities recommended strict stop loss at ₹700 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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