Easy Trip Planners share price recovers 3% from day’s low but still ends 7% down; should you buy? | Stock Market News
Source: Live Mint
Easy Trip Planners shares lost as much as 10 per cent during the early trading session on Tuesday, December 31. The stock, however, recovered some ground and closed 6.92 per cent lower at ₹15.87 on the final trading day of the calendar year 2024.
Easy Trip Planners share price had opened at ₹15.76, nearly 7 per cent below its previous close of ₹17.05. The stock further extended losses to touch the day’s low of ₹15.36 apiece. However, as of close, the stock recouped 3.3 per cent of the losses to settle 6.92 per cent lower.
The sharp crash in Easy Trip Planner shares came amid reports that the company’s promoter and co-founder Nishant Pitti will sell off his remaining 14.21 per cent stake in the company via a block deal in Tuesday’s trade.
Share sale deal
According to a report by CNBC-TV 18, Pitti was allegedly supposed to execute a block deal estimated at ₹780 crore.
Institutional investors like CRAFT Emerging Market Fund PCC – Citadel Capital Fund, CRAFT Emerging Market Fund PCC – Elite Capital Fund, Multitude Growth Funds Limited, Nexpact Limited and Eminence Global Fund are expected to take part in the block deal, according to the news channel.
Stock Outlook
On the technical front, Jigar S Patel, Senior Manager of Techincal Research at Anand Rathi Shares and Stock Brokers, said, “EASEMYTRIP is currently facing multiple resistances in the 16-16.5 zone, primarily due to the Market Profile Point of Control (POC) acting as a barrier.”
“On the downside, 14.85 is expected to provide strong support. For the next 2-3 sessions, the stock is likely to remain in a sideways range between 14.85 and 16.5, as it consolidates,” the stock market expert added.
“However, if the stock manages a decisive close above ₹16.5, it could trigger fresh buying momentum, potentially driving prices higher. Traders should closely monitor the price action at these levels to identify breakout or breakdown opportunities while maintaining caution during the anticipated range-bound movement,” said Patel.
The company was established in 2008 and is currently one of the largest online travel platforms in the country.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
