Zomato, Paytm: New-age stocks hit multi-month highs; is there more upside?

New-age companies may rise up to 29 per cent in the forthcoming seasons as market sentiment improves amid record-breaking run in benchmark indies

The benchmark indices, BSE Sensex and Nifty 50, scaled a new historic peak on Thursday, with positive sentiment fuelling further aggressive momentum. During this euphoric run, shares of new-age companies are not far behind in making their marks.

PB Fintech and Zomato both reached a new 52-week, soaring 11 per cent and 4 per cent, respectively, so far in this month. Likewise, Delhivery crossed the 8-month high, striking a new monthly peak. 

To understand whether new-age companies to trend positively along the benchmark indices, lets consider the technical outlook:-

Zomato Ltd (ZOMATO)

Likely target:  Rs 100

Upside potential: 29%

Shares of Zomato have firmly broken out of the “Double Bottom” formation, as per the monthly chart. The robust breakout has triggered the next upside, with the stock price aiming to hit Rs 100-level.

The weekly chart indicates a breakout of “Inverse Head and Shoulder, further confirming an optimistic layout for the forthcoming sessions. With the support of Rs 72, the price action intents to scale higher levels. The minor consolidation between the range of Rs 77 to Rs 72, has opened doors to a bullish sentiment. Now, the stock is retesting the consolidation range to restore confidence for the next up move. CLICK HERE FOR THE CHART

Fsn E-Commerce Ventures Ltd (NYKAA)

Likely target: Rs 175

Upside potential: 15%

To breakout in the upside, shares of FSN E-commerce must leap over Rs 152.50-mark, its 200-DMA level. Until then, supports of Rs 137 and Rs 153, its 100-DMA and 50-DMA shall continue to bolster the up move. 

When the stock breaks through the 200-DMA, the upward rally could reach to Rs 175-level, as per the daily chart. CLICK HERE FOR THE CHART

Delhivery Ltd (DELHIVERY)

Likely target: Rs 450

Upside potential: 10%

The breakout of a “Golden cross” has sparked a bullish trend in the shares of Delivery. From a medium-term objective, the stock has supports at Rs 380 and Rs 350 levels. The stock is rising upward building crucial supports that shall withstand any weakness. 

The current momentum may see an upside to Rs 450, representing a jumb of over 10%. The 50-weekly moving average (WMA) placed at Rs 594 has been decisively conquered, providing fresh momentum to the upside. CLICK HERE FOR THE CHART

PB Fintech Ltd (POLICYBZR)

Likely target: Rs 850

Upside potential: 15%

Post absorbing all the selling pressure emerged in the range of Rs 680 to Rs 660, the stock has broken out on the upside, triggering fresh rallies in the coming sessions. The price action denotes a climb towards Rs 850, as per the weekly chart. 

The support of 50-day moving average (DMA) set at Rs 657 remains a key booster for the stock. Immediate support falls at Rs 680. While the Relative Strength Index (RSI) is swinging in and out of overbought trajectory, the strength stays extremely productive against any sell-off. CLICK HERE FOR THE CHART

One 97 Communications Ltd (PAYTM)

Likely target: Rs 960

Upside potential: 15%

While the shares of one 97 communications have yet to break out of the “Flag pattern”, established on the daily chart; the underlying trend implies a positive upside as the pattern has emerged in the rising-continuation scenario. 

With the support of Rs 800, which requires to be kept on the closing basis; the trend could see Rs 960-mark, as per current technical set-up. Sustainability over Rs 880 levels shall endure a bullish bias, as it was a key level on the weekly chart. Medium-term may stretch to Rs 1,050-level, as per the momentum on the monthly set-up. CLICK HERE FOR THE CHART