The stock experienced a decline following the implementation of a 28% GST tax on online gaming. However, it's noteworthy that a significant portion (90%) of the company's business originates from casinos in Goa, suggesting that the impact might not be substantial. The stock revisited a similar price level when there was a subsequent review of taxation policies, resulting in a favorable outcome for the online gaming sector. This review exempted the company from collecting taxes on each bet.
Furthermore, a trading strategy involving range-bound movements could be employed. This approach involves the stock's price repeatedly reversing from a specific level over multiple instances. This distinct range is evident during the periods of August to September 2021, July to September 2022, and March to May 2023. Within a span of 2-3 months, the stock managed to yield a noteworthy 30% return.
In addition, it's worth mentioning that the stock is currently trading below its 200-day moving average (200 MA), which can be advantageous during a bullish market sentiment.
Furthermore, a trading strategy involving range-bound movements could be employed. This approach involves the stock's price repeatedly reversing from a specific level over multiple instances. This distinct range is evident during the periods of August to September 2021, July to September 2022, and March to May 2023. Within a span of 2-3 months, the stock managed to yield a noteworthy 30% return.
In addition, it's worth mentioning that the stock is currently trading below its 200-day moving average (200 MA), which can be advantageous during a bullish market sentiment.