Paytm share price continued to rally for the second consecutive day, gaining over 8% on Tuesday amid heavy buying. Paytm shares rose 8.23% to ₹ 679.70 on the BSE.
The shares of One97 Communications, the parent company of fintech giant Paytm, continue to rise. Paytm’s share price has risen by more than 13% in a week and more than 33% in a month. Paytm’s share price has jumped more than 74% in the last three months.
Moreover, Paytm share price is now up nearly 120% from its 52-week low of Rs 310 per share on May 9, 2024.
On August 28, Paytm declared that it had received approval from the Finance Ministry to invest in its payments services business.
With this approval, Paytm Payments Services Ltd (PPSL) will proceed to resubmit its payment aggregator application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners, Paytm said in a regulatory filing.
Is there more strength left in Paytm shares?
Analysts say Paytm shares still look strong on the technical charts.
Ganesh Dongre, Senior Manager, Anand Rathi said, “However, it may face hurdles in the range of ₹ 710 to ₹ 730 in the near term. Crossing this resistance can take Paytm’s share price to ₹ 800. Therefore, those looking at a medium-term perspective can hold the stock for a target of ₹ 800, maintain a stop loss below the previous day’s close and maintain buy-on-dips on every major decline in Paytm shares.”
At 10:00 am, Paytm shares were trading 7.95% higher at Rs 677.90 on BSE.