Stocks that were in focus included names like Paytm, which gained 2.4%; PB Fintech, which rose 1.16%; and EaseMyTrip, whose shares jumped 6.7% on Thursday.
Stockbox Senior Technical Analyst Ameya Ranadive recommends what investors should do with these stocks when the market resumes trading today.
Paytm
Paytm is currently Rs. 703, which recently traded at Rs. 650 and Rs. The consolidation range between 680 has broken out. The stock showed a strong breakout today with high volume but bounced back to Rs. Pulled back to 680, where it found strong support. The fact that Paytm is trading above all major exponential moving averages (20, 50, 100, and 200) indicates strong underlying strength.
Technically, the Average Directional Index (ADX) is at 30, indicating the beginning of a trending phase, while the Relative Strength Index (RSI) is comfortably positioned at 68, indicating continued upward momentum.
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The stock looks well-positioned for a strong rally in the short-term and if the momentum is sustained, it could reach Rs. Can aim for 780. However, the share was Rs. Facing a crucial support zone near 680. Rs. A break below 640 could reduce momentum, which could drag shares lower.
Traders should watch this level closely, as it will act as a key point for a trend reversal. With increasing volumes and technical indicators aligning positively, Paytm looks poised for a significant move in the sessions ahead, but it is important for the stock to remain above key support levels to maintain bullish momentum.
PB Fintech
PB Fintech, Rs. 1,685, a sharp decline of nearly 20% in the last three days, to Rs. has hit a low of 1,545.
The sell-off is largely attributed to reports that the company may venture into the healthcare space by starting its own chain of hospitals, which has raised concerns among investors.
Despite this, the stock has shown some resilience, recovering slightly from its lows, but it was Rs. 1,650 and Rs. A crucial support zone lies between 1,680.
Technically, the stock is in a fragile position as it trades below its 20-day EMA, which reflects short-term weakness, although it holds above the 50, 100 and 200-day EMAs, which provide some long-term support. provides. Today’s trading witnessed a 13 times higher than average volume jump, indicating selling pressure. The RSI has dropped to 44, indicating weakness.
As long as PB Fintech in next few sessions Rs. Further downside is likely unless the level above 1,680 is sustained. Given the uncertainty surrounding its new business plans and recent technical weakness, long positions should be approached cautiously until there is more clarity on both fronts.
EaseMyTrip
EaseMyTrip, which costs Rs. Trading at 36.5, it has faced heavy selling pressure recently, falling by around 19% yesterday following reports that its promoters are reducing their stake in the company.
The stock has managed to recover 6% today but is in a weak technical setup. The sharp drop has put EaseMyTrip in the no-trade zone, as the stock struggles to regain a foothold after a sudden sell-off.
Key resistance Rs. 40, and the stock would need to break above this level and sustain it to signal any positive momentum. Until such a breakout occurs, EaseMyTrip is likely to face continued pressure. The stock is currently trading below its short-term moving average, indicating bearish sentiment in the near term.
Further, with the overhang of promoter stake sale news, the overall outlook remains cautious. Investors and traders are advised to avoid new long positions until the stock shows signs of stabilization and breaks through key resistance levels. Only a sustained move above ₹40 would likely trigger fresh buying interest and provide a safe entry point.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
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