New Delhi, Nov 26th : , After a disappointing start to the listing, Paytm shares have recouped some of its losses. The shares of the payment service provider company were listed on the stock exchanges on November 18, 2021.
The company’s shares closed at Rs 1,564, 27% lower on the day of the listing.
The offer price for the company was Rs 2,150
It made a partial recovery by the end of the week.The company’s shares closed Friday at Rs 1,765, 1.8 percent lower than the previous close.
“After the listing at a discount and steep fall of Paytm’s share for 2 consecutive days, we have witnessed value buying in the stock that has driven it higher,” Gaurav Garg Head of Research at CapitalVia Global Research.
Garg anticipates that the stock will stabilize at Rs 1,650-1.750 levels in the short-to medium term.
Garg said, “For the next leg in the rally it is to be viewed how the company performs.”
Sachin Gupta, Choice Broking’s AVP, Research, stated that the stock is technically in recovery mode with increasing volume activities.(So) we expect a bullish movement in the stock.
“On the upside, the stock could find resistance at Rs 1,950/2 100 levels, while support is around 1,500/1 350 levels.”
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