Stock name: Paytm

Pattern: Selling on upper levels

Time frame: Daily

Observation:

The stock had been in a downtrend for a long time and had recently started to consolidate in a range. The current range was formed with a break-away gap on the downside. After spending a few days in this range, the stock today tried to go above the gap resistance with spike in the volumes, however we can a very long wick on the upside of the daily time frame candle, indicating selling coming from the upper levels in this stock.

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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) Q3 results update: Kolte Patil
Consolidated revenue 53% up YoY
Consolidated loss of 37 crores, against a profit of 13 crores YoY

2) To create a research-driven pharmaceutical and life science ecosystem and to move up the value chain in the global pharma space, the Centre is working actively on rolling out a Research-Linked Incentive (RLI) scheme for the sector: Business Standard

3) Rescuers in Turkey and war-ravaged Syria searched through the frigid night into tuesday, hoping to pull more survivors from the rubble after a 7.8 magnitude earthquake killed more than 4,000 people.

4) 3M India, Adani Power, Adani Wilmar, Cummins, Dreamfolks, Endurance, Equitas Small Finance, Gati, Graphite India, GPPL, Hindustan Foods, Honeywell Automation, India Glycols, Manali Petrochemicals, Midhani, NCC, Novartis India, Piramal Enterprises, Piramal Pharma, Pricol, Shree Cements, SKF India, Syrma SGS and Tracxn are amongst the companies which will post their quarterly results tomorrow.