Paytm, Zomato, Nykaa: Select new-age stocks may rise up to 12%

Shares of new-age companies witnessed a sparkling session on Thursday, with One 97 Communications, Delhivery and PB Fintech all gaining in the range of 2 to 4 per cent. 

While the overall trend in the new-age companies has been negative, selective stocks are reflecting a robust comeback. If they succeed in restoring their optimistic faith, the price action may offer strong gains. 

In particular, PB Fintech and One 97 Communications have successfully risen over the 200-day moving average (DMA), which investor community deem critical while taking an informed decision. 

Here’s the technical outlook of selective new-age companies:- 

One 97 Communications Ltd (PAYTM)

Likely target: Rs 700

Upside potential: 7%

There is a breakout of “Inverse Head and Shoulder”, suggesting a bullish bias, as per the daily chart. This positive bias could propel the stock to Rs 700 levels. 

The immediate support exists at Rs 633, which is its 200-DMA. Furthermore, the momentum indicator, Moving Average Convergence Divergence (MACD) is trading firmly over the zero line. CLICK HERE FOR THE CHART

PB Fintech Ltd (POLICYBZR)

Likely target: Rs 660

Upside potential: 12%

A “Golden Cross” breakout has steered a positive bias in the shares of PB Fintech. The trend is heading upward, taking support of Rs 560, its 50-DMA. Immediate reach could be Rs 660, the recent reversal mark, as per the daily chart. 

The stock needs to defend Rs 540 on closing basis, to maintain the positive bias floating. CLICK HERE FOR THE CHART

Zomato Ltd (ZOMATO)

Outlook: Breakout over 200-DMA.

While the shares of Zomato have gone sideways since February of this month, the valid move needs to cross Rs 58, its 200-days moving average (DMA) to embark on a new upward journey. The stock may then see Rs 65 level.

Until then, the support of Rs 50 becomes crucial, as if it is broken, the trend may endure more sell-off. CLICK HERE FOR THE CHART

Fsn E-Commerce Ventures Ltd (NYKAA)

Outlook: Avoid

Shares of Fsn E-Commerce Ventures trade in a bear grip, with selling pressure not letting stock to scale higher levels.  The bias for the stock remains negative unless the price action reflects a conclusive reversal. 

There are simultaneous barriers set at Rs 140, Rs 150 and Rs 160 level, with support possessing weak strength. The counter seems to either stay sluggish or may travel lower levels. Outlook remains avoid. CLICK HERE FOR THE CHART

Delhivery Ltd (DELHIVERY)

Outlook: Trend remains sluggish

The counter trades sluggish in the range of Rs 345 to Rs 325. To breakout on upside, the stock clearly needs to demonstrate robust momentum and aggressive volumes. 

Otherwise, the trend may remain sluggish for a few more months. The immediate support comes to Rs 300, while the hurdle falls at Rs 360 level. CLICK HERE FOR THE CHART