The infamous stock of Paytm which was the largest IPO at the time of its listing has eroded IPO investor's wealth by more than 50%. However, the strong has been consolidating from quite few months now. We have seen multiple buybacks from the founder and promoter in this stock during the same which was a positive sign. However, near the release of Q4 2023 results, the stock had started its uptrend by forming higher highs, higher lows.
Now, the stock has given a breakout of inverted head and shoulders with heavy volumes last week whose neckline was 750. The stock has given weekly closing above 800 levels which is a big positive for the stock. The stock might face an immediate resistance near 840-850. One can keep this stock on watchlist for buying near retest of 750-760 levels if there is a retracement for big targets of 990, 1125.
Note:- This idea is shared for educational purposes and should not be considered as a recommendation.
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860 high made! More to come. However, I am expecting a correction in short term.
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Correction is almost completed. 780-800 should be a great accumulation zone.
Trade closed: target reached
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998 and then reversed.
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Please note that stock reached 998 in October. I have closed the idea late. Sorry for not being clear.