Stock market news: Paytm share price jumps 30% in one week. More steam left?

Triggers for Paytm share price

Regarding the catalyst that sparked the Paytm share price surge, Saurabh Jain, Vice President — Research at SMC Global Securities, commented, “The IRDAI’s acceptance of Paytm’s application to withdraw its associate company for general insurance is a game-changer. This move, which transforms Paytm into an insurance agent, is expected to bolster its financial position. This is why investors are showing confidence in Paytm shares.”

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Paytm share price target

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, shared his insights on the technical aspect of Paytm shares, stating, “Paytm share price is currently facing a hurdle at ₹450. However, if this resistance is decisively breached, the stock could potentially reach ₹550 and ₹610. It’s crucial to monitor Paytm shares’ closing on Thursday. A close above ₹420 could indicate a positive trend, increasing the likelihood of breaching the ₹450 hurdle. Therefore, Paytm shareholders are advised to hold the stock, maintaining a stop loss of ₹390 per share level.”

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For fresh investors considering Paytm shares, Ganesh Dongre of Anand Rathi offers clear advice. He suggests waiting for a breakout at ₹450 on a closing basis. Once this occurs, he advises buying the stock for ₹550 and ₹610 targets, while maintaining a strict stop loss at ₹420. He also recommends that Paytm shareholders upgrade their trailing stop loss from ₹390 to ₹420 after the breakout above ₹450. This guidance provides a clear strategy for new investors.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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