Shares of Jupiter Wagons Ltd extended their fall for the fourth consecutive session in Tuesday's trade. The stock fell 3.69 per cent to hit a day low of Rs 490. At this price, it has declined 11.78 per cent in four trading days.
Bourses BSE and NSE have put the securities of Jupiter Wagons under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Analysts suggested that railway counters, including Jupiter Wagons, are in a consolidation phase. Any dip from this level could be considered as a good entry-level, one of them said.
"Investors should stay invested in the stock. It can see a decent upmove soon, market expert Raghvendra Singh told Business Today TV.
Railways stocks are in a consolidation phase at present, said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities. "Investors with a long-term view can hold on to Jupiter Wagons. From a medium-term perspective, valuations looked stretched but any dip from this level could be considered as a good entry-level," Bathini added.
Technically, support could be seen at Rs 490, followed by Rs 470 and 460 levels. And, resistance may be found in the Rs 540-575 range.
"The counter is evidently in the correction phase with support around the Rs 470-460 sub-zone. On the higher end, the resistance is placed around the Rs 540-550 zone, followed by a sturdy wall of Rs 575, and a decisive breach could only bring some mojo back," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"Investors can consider buying at current levels for a potential upside target of Rs 575. Keep a strict stop loss placed at Rs 490 for this trade," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Jupiter Wagons stock price is bearish on daily charts with strong resistance at Rs 575. Immediate support will be at Rs 490," said Sebi-registered research analyst AR Ramachandran.
Jupiter Wagons is a provider of comprehensive mobility solutions encompassing rail, road and marine transportation. The company also has a presence in the commercial electric vehicle (CEV) segment. As of June 2024, promoters held a 68.11 per cent stake in the private rail firm.