Paytm share price down 70% from IPO price: Buy, sell or hold? Here is what analysts say
Nilesh Jain, who is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking, recommended Paytm for targets of Rs 600 and Rs 650 with a stop loss of Rs 540. Investors can look to buy it at current levels or on declines
Paytm share price NSE: Investors wanting to buy Paytm shares can do it with a trading perspective, technical analyst Nilesh Jain said while speaking to Zeebiz.com. The chart structure is positive, he said, adding that the counter can move upside of 14 per cent from the current market price of Rs 571.
The stock was trading down today by Rs 8 or 1.37 per cent from the Wednesday closing price amid weak sentiments in the domestic equity market ahead of the release of the US inflation data.
recommended earlier by Analyst Simi Bhaumik for targets of Rs 590/600.
Paytm share price has fallen by over 70 per cent from the issue price of Rs 2,150. At current levels, the 1-year returns given by this stock is negative 50 per cent as against (-) 1.3 per cent returned by broader market Nifty50. The underperformance is over 47 per cent during this period.
Technically, the stock is dwelling in an overbought zone with momentum indicator MFI lingering around 86.6 according to data sourced from Trendlyne. Relative Strength Index or RSI, which is another momentum indicator is at 64.5. A number below 20 suggests that the stock is oversold while above 70 is considered overbought.
The fintech company recently informed stock exchanges about its Q3 performance update ahead of the October-December quarter results. Moreover, Surinder Chawla has been appointed as new Managing Director and CEO of Paytm Payments Bank.
The company disbursed 3.7 million loans worth Rs 3,665 crore (USD 443 million, y-o-y growth of 330 per cent) in December 2022, the exchange filing said. The number of loans disbursed during the month was up 117 per cent.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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