Paytm jumps over 13% in four days

One 97 Communications (Paytm) gained 0.84% to Rs 708.05, extending gains for the fourth trading session.

Shares of Paytm have risen 13.89% in four trading sessions from its recent closing low of Rs 621.70 on 22 June 2022.

In the past one year, the stock has slumped 47.95% while the benchmark Sensex rose 0.78% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 68.016. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 608.91, 670.11 and 680.31, respectively. These levels will act as crucial support zones in near term.

Paytm is India's payment Super App offering consumers and merchants most comprehensive payment services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

One 97 Communications is fintech major Paytm's parent. It reported a consolidated net loss to Rs 763 crore in Q4 FY22, higher than net loss of Rs 441.80 crore in Q4 FY21. Its consolidated revenue from operations grew 89% YoY to Rs 1,540.90 crore in the quarter under review compared with Rs 815.30 crore in the corresponding quarter last year.

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