Paytm share price hits upper circuit after touching 52-week low. Buy or wait?
Stock market today: Shares of One 97 Communications Ltd, aka Paytm, witnessed a strong rebound after touching a 52-week low in early morning sessions on Thursday. Paytm share price today opened downside and touched a 52-week low of ₹310 apiece, but the One 97 share price witnessed a strong rebound and touched an intraday high of ₹333.
While touching this intraday high, Paytm share price also hit 5 percent upper circuit. According to stock market experts, Paytm shares are rising after the newsbreak of Epay, which agreed to leverage its license to assist Paytm in onboarding new customers after the recent RBI restrictions.
They said that Paytm shares have a strong base at ₹300 apiece levels, and it may touch ₹420 to ₹430 per share level once it breaches the immediate hurdle placed at 370 per share mark. Discussing the factors that propelled Paytm's share price from 52-week lows, Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, underscored the strategic partnership with Epay as a significant catalyst.
He noted, "Today, Paytm's share price hit the upper circuit, signaling positive news after a period of challenges. The RBI's restrictions had affected Paytm's ability to onboard new customers and operate its digital wallet, impacting the company's credibility.
However, the situation took a turn for the better with Epay, a seasoned player in the Indian market for over a decade, stepping in. Epay's agreement to leverage its license to assist Paytm in resolving this issue, lending its infrastructure to Paytm and enabling the company to continue providing its digital services, has injected optimism into the market." Also Read: Why is Indian stock market falling for five straight sessions? On the suggestions to investors
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