07 Apr , 2022 By : Kanchan Joshi
Paytm share price has been in uptrend for more than a week as the fintech stock has surged more than 20 per cent in last 5 sessions. Paytm shares today opened with an upside gap of around Rs11 per share and went on to hit its intraday high of Rs657.40 apiece levels on NSE. In last one week, Paytm share price has ascended from around Rs535 to Rs645 apiece levels, logging near 21 per cent rise in this period.
According to stock market experts, after the commentary by the Paytm management on Wednesday, market is buzz with some short-term positive sentiments and the stock gave fresh breakout at Rs620 apiece levels on Wednesday on closing basis. They said that the Paytm share is expected to remain in ‘uptrend’ in near term but positional investors should wait for the Q4 result of the company before making any investment decision in regard to the fintech stock.
Speaking on the Paytm share price chart pattern; Anuj Gupta, Vice President — Research at IIFL Securities said, "Paytm shares have been in uptrend after the recent consolidation phase. It has given fresh breakout at Rs620 levels on closing basis on Wednesday session. They stock looks positive on chart pattern. It has immediate support at Rs575 levels whereas it is facing hurdles at Rs720 and Rs750 apiece levels. The stock is expected to move in Rs610 to Rs750 range and further bullish or bearish trend can be ascertained on breakage of either side of the range."
Advising investors to wait for Paytm Q4 results; Astha Jain, Senior Research Analyst at Hem Securities said, "After the commentary by Paytm management on Wednesday, market is buzz with some short-term positive sentiment but positional investors are advised to wait for the Q4FY22 Paytm results. Only quarterly numbers will reflect actual condition of the company's financials. it would also ascertain whether the tall claims of the Paytm management is existing in reality or not. Those who have Paytm shares in their portfolio are also advised to maintain strict stop loss and hold the stock till quarterly result of the fintech company is announced."