One 97 Communications Limited (PAYTM) Stock - Complete Technical Analysis - Oct 24, 2024

"Technical Analysis of PAYTM: Key Insights & Trading Levels You Need to Know"

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In this analysis of One 97 Communications Limited, or PAYTM, we find the stock trading at 764, which is significantly higher than its 52-week low of 310 and closer to its recent highs. The recent price trends show a bullish inclination, particularly noted on October 24, where the stock opened at 750 and reached a high of 790 before closing at 764.45. This indicates a strong bullish sentiment in the market.

Looking at technical indicators, the MACD shows positive movement, signaling potential upward trends. The RSI, at 60.84, suggests that the stock isn't in overbought territory, providing room for growth. Moreover, the Stochastic Oscillator reading of 66.4 aligns with this bullish trend. However, the ADX at 19.8 implies moderate trend strength, meaning that traders should be cautious and observant.

In terms of support and resistance, immediate resistance is identified at 790, which could be a critical point for further gains. Support levels are evident around 750 and more robust around 725, which traders should monitor closely. Overall, PAYTM shows promising upward potential, but it's crucial to stay alert for any reversal signals and watch key price levels.