CarTrade share price today is quoting ₹1380 per equity level (at 11:29 am on NSE) – about 15 per cent less than its issue price ₹1618 each. However, stock market analysts are still bullish on the tech stock as the second hand car market in India is expected to grow from $27 billion to $50 billion by 2026 – leading to a CAGR of 15 per cent. Analysts further said that Cartrade Counter is a must buy for the long term as it is a digital platform, which is properly established and it will make good money post the increase in volumes as the unlocked theme is gaining momentum.
Advising investors to buy CarTrade shares for long term; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “CarTrade is a digital platform for the second hand car market, which is expected to grow from the current $27 billion to $50 billion by 2026 – providing a CARG growth of 15 percent. Since, secondhand Car market Car market is expected to nearly double from its current size, CarTrade may also benefit from this increase in business volume. Since, the stock is down about 15 per cent from its issue price ₹1618 Everyone should start accumulating this counter and from now on every drop should be seen as a buying opportunity.” However, Avinash Gorakshakar said that the position should be for longer duration. He added that Cartrade is a digital one. platform, which is installed properly and its business volume is expected to increase manifold as Unlock Theme is gaining momentum rapidly.
Shedding technical highlights with respect to CarTrade shares; Rohit Singre, Senior Technical Analyst, LKP Securities said, “There is an immediate hurdle in CarTrade ₹1415 per stock level. Once it breaks this barrier at the base of the close, it can give a sharp bounce and rise to ₹1550 in the short term.” He advises investors to buy CarTrade shares above ₹Maintaining Stop Loss at 1415 ₹1400 level.
Advising investors to wait as CarTrade share price may see some further correction; Sumeet Bagdia, Executive Director, Choice Broking said, “If it fails to break the barrier immediately ₹from 1410 ₹1420 each, the counter may improve some more and it may go up ₹from 1300 ₹1250 per equity share level.”
Market experts advised investors to buy CarTrade shares above either ₹1415 or on ₹1300 per stock level as this will help the investors to get maximum return on their money.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.