Chart of the week. PayTM

7月13日

After its listing @ 1964 PayTM is falling down like London bridge. So far it has fallen around 321% from its all time high of 1964. This week, however, the stock has done something different. After 6 months of consolidation, the stock has given breakout above 440. In my opinion, it has made a double bottom pattern. However, even if I'm wrong it has at least given a bullish rectangle breakout with higher volume. On the fundamental side, the company is almost debt free so has a huge advantage.

Whoever wishes to take this trade should know that it is a very well beaten stock with bad balance sheet. For me its a worth of a trade with small risk.

CMP - 466 (13/7/24)
T - 800, 1000 W
SL - 395 W