Paytm share price has been trending upwards since last few sessions especially since it has given fresh breakout above 620 each level. In the last two days, Paytm share price has risen by from 617 719 levels, registering an increase of more than 16 percent in this short period of time.
according to this Share Market Experts, there is no such fundamental trigger paytm share And the investors of the stock market should take this bounce as a bounce from the lower levels. However, technical analysts are of the opinion that the stock is showing an ‘uptrend’ on the chart pattern and is nearing the next breakout level. 750 per share level.
Shedding light on the reason for Paytm share price rally; Anuj Gupta, Vice President – Research, IIFL Securities said, “On the chart pattern, Paytm shares are in an uptrend. It has given breakout recently. 620 per share level and retrieved 700 levels. If stock stays up 645 level for next few trading sessions, then we can expect next breakout in stock 750 levels in the near term. currently, The 750 mark should be considered a major hurdle for the fintech stock. However, if the stock manages to give a breakout above 750 on closing basis, so one can expect it to go up 900 per share level in the short term. Instant Support for Paytm Shares is placed here 645 per share level while the stock is placed amid strong support from 600 610 per share level.”
On the fundamentals that can boost Paytm shares; Avinash Gorakshakar, Head of Research, Profitmart Securities said, “In the stock market today, there is no fundamental reason driving Paytm share price rally. Paytm’s official fundamentals, the management said a week ago that they will be able to achieve operating EBITDA in the next six quarters which is sufficient to understand what is coming in the company’s Q4FY22 results.However, there is some encouraging take on the debt. The numbers will be disbursements, etc., but the overall profitability of the company will focus on the upcoming quarterly results. Those who have this stock in their portfolio should take this growth as a bounce from the lows and new investors should wait for Paytm’s Q4 results. is advised.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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