Paytm share price jumped more than 3.5 per cent to Rs 800.05 apiece on BSE on Monday, after the shareholders of One97 Communications approved the re-appointment of Vijay Shekhar Sharma as MD and CEO.
Paytm share price jumped more than 3.5 per cent to Rs 800.05 apiece on BSE on Monday, after the shareholders of One97 Communications approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company. On Friday, investors advisory firm IiAS had recommended against the reappointment of Sharma and several other resolutions that were part of the agenda of the company’s AGM. The stock made its share market debut last year in November, since then Paytm stock has declined 50 per cent.
Technical analysts say that Paytm stock price rules above all three key moving averages. “Also, it has formed a strong base between the 650-700 zone and is staring at a potential trend reversal. So long as the stock keeps its head above 700, investors can stay invested in this stock,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.
In the last five days, Paytm stock lost 0.1 per cent, and 42 per cent so far in 2022. While the stock price has gained 6 per cent in the last one month. With the reappointment of the CEO, expectedly Paytm stock price has reacted positively by almost 3.5% so far as it ensures stability in the management, AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com. However, Ramachandran suggested investors not to buy Paytm stock till it doesn’t close above Rs 800. “A dip till Rs 740 looks likely in the near term,” Ramachandran added.
Ravi Singh, VP & Head of Research, Share India Securities, told FinancialExpress.com that the shares of Paytm are showing strength after the outcome of the recent AGM and may go up to the levels of 850. “However, investors may take this opportunity to exit their holdings and wait for lower levels of Rs 700 – 680 for fresh long positions,” Singh said. Ravi Singh also noted that the Paytm stock seems to be in an overbought zone and may witness correction around higher levels.
