Paytm | Cup and Handle breakout | Latest stock market news
(3 minutes read)

Stock name: Paytm

Pattern: Cup and Handle breakout

Time frame: Daily

Observation:

The stock has bee into a consolidation in the form of a Cup and Handle pattern and has broken out the same recently. As per technical analysis, whenever a stock breaks out of such a pattern, it usually covers distance equal to the height of the cup.

However, in this case, there is an immediate resistance around 840 levels and once these levels are taken out, the bullish case may hold true.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) SBI received board approval to raise up to Rs. 50,000 crores through debt instruments in the current financial year.

2) IEX shares tanked 15% on the back of Ministry of Power’s decision to go ahead with market coupling. A market coupler implies that an independent third-party will collate all buy / sell bids and derive a uniform market price across all exchanges.

3) Shares of Paytm jumped 14% in just three trading sessions after the global brokerage firms BofA and CLSA turned positive on the fintech firm.