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Brokerage YES Securities set a target price of Rs 750 for Paytm post-Q4 results. Citi Research on May 7 also gave a ‘Buy’ rating to Paytm with a target price of Rs 1,103.
In Paytm, the breakout of an ascending triangle formation is generally considered a bullish signal. This pattern consists of a flat top resistance level and upward sloping support, indicating potential buying pressure.
BSE Sensex shed 35.68 points, or 0.06 per cent, to settle at 61,904.52, while NSE Nifty50 fell 18.10 points, or 0.1 per cent, to close at 18,297 for the day.
Paytm has started showing higher relative strength. It is outperforming the benchmark indices. The momentum indicator RSI is gaining momentum.
Paytm’s margin print in Q4 will help further increase the Street’s confidence around the increasing traction of Paytm’s business model and the company’s ability to be profitable on a sustained basis, Goldman Sachs said.