Paytm Share Price Surge: Experts’ Views

Paytm Share Price Surge: Experts' Views

VoM News Desk | March 20, 2024 | 01:32 PM IST | Breaking News | Follow on Google News

Paytm Share Price Surge: Experts’ Views

Paytm Share Price Surge: Experts’ Views

After witnessing two consecutive days of hitting upper circuits, Paytm’s share price soared by 5%. As the stock continues its upward trajectory, experts weigh in on its potential for further growth.

Paytm’s share price has surged by nearly 32% since hitting its 52-week low of ₹318.35 on February 16, 2024. The recent momentum was fueled by the issuance of a TPAP license from NPCI, leading to a 5% surge in stock price on March 15.

Technical Analysis

Technical analysts highlight favorable indicators suggesting further upward movement. Rahul Ghose, CEO of Hedged.in, identifies a double bottom formation around ₹325, indicating a near-term floor for the stock. He suggests monitoring for bullish candle closings above ₹450, potentially leading to a 10% rally.

Bullish Reversal Patterns

KKunal V Parar, VP of technical research at Choice Broking, notes a bullish reversal pattern known as an ‘Ugly double bottom’ formation on the daily chart. A breakout above the neckline of this formation could trigger a significant upward move. The stock’s crossing above its 20-day moving average and the emergence of a Bullish Harami Candlestick formation on the weekly chart further reinforce bullish sentiment.

Growth Potential

Considering these technical indicators, experts anticipate substantial upside potential in the stock, with a target around ₹450 coinciding with the neckline resistance. A breakout above this level could propel the stock towards ₹550. However, a strict support level is observed at ₹360.

As Paytm continues to ride the wave of positive developments, investors remain optimistic about its future growth prospects.

VoM News Desk

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