Stock name: Paytm

Pattern: Stock near resistance

Time frame: Daily

Observation:

Recently Paytm has been in the news for buyback and also for the furious up-move that the stock showed in the past few days. It has also crossed the level of 520, which was a big support and should have acted as a resistance now. However, it is to be noted that the zone of 560 to 600 is a big gap resistance and hence the stock may take a pause here.

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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) India's import dependency based on consumption for natural gas has decreased from 48.2% in FY 21-22 to 46.3% in FY 22-23 (April to October). Government has taken multiple steps / launched various policy initiatives to increase domestic production of natural gas and adopted strategies for promotion of biofuels.

2) The RBI on 8 December said that it has decided to restore pre-pandemic trading hours for some segments of money markets and rupee interest rate derivatives. The new timings from 9 am to 5 pm will come into effect from 12 December 2022. Please note this is NOT for the equity markets.

3) Paytm on Thursday informed that its board of directors will meet next week on 13 December 2022 to consider the proposal of buyback of equity shares of the company.