- Shares of One 97 Communications Ltd, also known as Paytm, witnessed a significant rebound after touching a 52-week low in early morning sessions on Thursday.
- The rebound came after the newsbreak of Epay agreeing to leverage its license to assist Paytm in onboarding new customers following recent RBI restrictions.
- Stock market experts suggest that Paytm shares have a strong base at ₹300 apiece levels, and it may touch ₹420 to ₹430 per share level once it breaches the immediate hurdle placed at 370 per share mark.
Paytm shares rebound after hitting a 52-week low, following Epay’s agreement to assist in onboarding new customers. Experts suggest a strong base at ₹300, with potential to reach ₹420 to ₹430 per share.
Why is Paytm’s share price rising today?
Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, attributes the rise in Paytm’s share price to the strategic partnership with Epay. The partnership has injected optimism into the market, as Epay’s agreement to leverage its license will assist Paytm in resolving issues related to the RBI’s restrictions and continue providing its digital services.
Paytm share price target
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, suggests that investors can hold Paytm shares in their portfolio, maintaining a stop loss at ₹300 per share for the immediate target of ₹370. For those with a medium-term view, the scrip can be held further for 2-3 months target of ₹430 apiece.
Advice for potential investors
Ganesh Dongre of Anand Rathi advises fresh investors to consider buying Paytm shares at the current market price for a short-term target of ₹370 per share, with a stop loss at ₹300 per share levels. However, the stock’s potential can be fully realized in the medium to long term once it surpasses the ₹370 hurdle. This breakthrough could propel the stock to reach ₹420 to ₹430 per level. In the long term, if the stock gives a channel breakout above ₹440 per share level on a closing basis, it could potentially reach ₹740 to ₹750 apiece levels, offering a promising investment opportunity.
Conclusion
Paytm shares have shown a strong rebound, largely attributed to the strategic partnership with Epay. With a strong base at ₹300 and potential to reach ₹420 to ₹430 per share, Paytm presents a promising investment opportunity. However, investors are advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
