Paytm vs Pine Labs vs One MobiKwik: Analyst decodes fintech stock charts

Fintech stocks react to MDR news: Paytm, Pine Labs and One MobiKwik Systems decline up to 13% during the week, recover on Friday. Here's why the tech analyst remains bullish on Paytm and Pine Labs.

Disclaimer: Views and outlook shared on the stock/stocks belong to the respective analyst/brokerages and are not endorsed by Business Standard. Readers' discretion is advised. Shares of fintech companies - Paytm, Pine Labs and One MobiKwik Systems witnessed a rather tepid response to the introduction of Merchant Discount Rate (MDR) on UPI payments. These 3 stocks declined up to 13 per cent during the week, shows NSE data. Earlier this week, the government announced a MDR of 0.4 per cent on UPI payments above ₹2,000, with an upside cap of ₹300 per transaction. The MDR will come into effect from October 15, 2026. Meanwhile, on the stock exchanges, Pine Labs witnessed an intra-week fall of 13.3 per cent as the stock dropped to a low of ₹175.30. One MobiKwik dropped 7.5 per cent, and Paytm slipped 4.3 per cent even as analysts turned positive on these stocks following the MDR announcement. Analysts at Jefferies said that MDR on UPI comes ahead of estimates and is "higher than expectations" of 25 bps, while Emkay Global believes that the development lifts the revenue pool for the industry. Brokerages have maintained a 'Buy' rating on Paytm and Pine Labs, with an upside target of up to ₹2,400 and ₹230, respectively. READ MORE On Friday, however, these stocks traded with notable gains. One MobiKwik zoomed over 5 per cent, and Pine Labs jumped nearly 3 per cent. Paytm added nearly 1 per cent. Given this background, here's a technical check on these 3 fintech stocks by Sudeep Shah, Vice President-Technical and Derivatives Research at SBI Securities. 

Paytm

Current Market Price: ₹1,776 

 

 

 Sudeep Shah reckons that the Paytm stock is in an uptrend and continues to trade above its key moving averages, with positive cues from the key momentum oscillators. 

 "Within the ADX indicator, the DI+ is comfortably placed above DI−, indicating strong bullish control. The rising ADX on the weekly chart further confirms strengthening bullish trend strength," the analyst explains. Shah believes that the stock is likely to extend its up move as long as it holds above the 20-day exponential moving average (DEMA) support around the ₹1,695-1,690 zone.

 Pine Labs

Current Market Price: ₹189.55 

 

 Pine Labs recently witnessed a strong pullback of around 40 per cent from the low of ₹135 hit on May 27, 2026, highlights the analyst. Amid the current dip, Shah expects the 20-week EMA zone of ₹170–165 to likely act as a strong support zone amid favourable signals from key momentum indicators on the weekly time-frame. "The Relative Strength Index (RSI) is in a rising mode on the weekly scale, indicating healthy bullish momentum. Rising green Moving Average Convergence-Divergence (MACD) histogram bars on the weekly chart further reinforce the bullish bias," explains Shah. 

One MobiKwik Systems

Current Market Price: ₹204 

 

 Shah highlights that the MobiKwik stock has been consolidating within the broad ₹244–151 range since the beginning of the calendar year. |The Average Directional Index (ADX) remained flat, reflecting a sideways bias, while the RSI was choppy during this period, indicating a lack of sustained directional momentum," explains the analyst. Going forward, a decisive breakout on either side of the range is likely to provide the next directional cue for the stock, says Shah.