Shares of Paytm, listed by the name of parent firm One97 Communications Ltd, closed above the Rs 1,000 mark today for the first time in nearly three years. On January 18, 2022, the stock closed at Rs 1042.50 on BSE. Since then, it has closed in three digits on BSE. Paytm shares ended 2.32% higher at Rs 1,007 on Monday against the previous close of Rs 984.20 on BSE. Market cap of Paytm climbed to Rs 64,184 crore on BSE.
During the session, the stock also hit a 52 week high of Rs 1,012.85. Total 3.11 lakh shares of the firm changed hands amounting to a turnover of Rs 30.97 crore. The stock fell to a 52-week low of Rs 310 on May 9, 2024.
The stock has risen 56% in a year and gained 66.21 per cent in 2024. The stock has a beta of 0.8, indicating low volatility in a year.
A R Ramachandran, SEBI registered Independent analyst says, "Paytm stock price is bullish but also slightly overbought on the Daily charts with next resistance at Rs 1047. Investors should be booking profits at current levels as a Daily close below support of Rs 983 could lead to target of Rs 904 in the near term."
In terms of technicals, the relative strength index (RSI) of Paytm stands at 70.9, signaling it's trading in the overbought territory. Shares of Paytm are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
With today's rally, Paytm stock has met the price target of Rs 1,000 assigned by two brokerages.
Bernstein had raised its target price from Rs 750 to Rs 1,000, and maintained an ‘Outperform’ rating on the stock.
Similarly, global brokerage UBS had maintained its ‘neutral’ rating on the fintech stock but had raised the target price by 104% to Rs 1000 from Rs 490 earlier.