Sachin Gupta Highlights Paytm Among Top Stock Picks for Today
Investors are eyeing Paytm as one of the top stock picks today, following a bullish technical setup that suggests potential gains.
Choice Equity’s Sachin Gupta has identified three stocks for today, with Paytm leading the list due to its strong bullish momentum. Investors are advised to consider entry points and stop-loss strategies for optimal trading.
Paytm: A Bullish Candidate
Paytm is currently trading at ₹1,807, showcasing a robust bullish setup on its daily chart. The stock has recently broken above a long-term rising trendline resistance, supported by significant trading volumes, which indicates a strong buying interest among investors. Furthermore, its price is comfortably above both the 50-day and 200-day moving averages (DMAs), reinforcing the notion of a sustained upward trend.
The recent price movements have exhibited a pattern of higher highs and higher lows, a classic indicator of bullish momentum. Investors looking to capitalize on this trend might consider entering at the current market price of ₹1,807, with a stop-loss set at ₹1,680 and a target price of ₹2,050. A sustained trading level above ₹1,800 could further enhance bullish momentum, while a drop below ₹1,680 may signal a weakening of the current setup.
Azad Engineering: A Strong Technical Structure
Azad Engineering Ltd. is also on Gupta’s radar, showcasing a strong bullish technical structure. The stock is currently consolidating near its recent highs after a significant uptrend. Trading well above its 20-DMA and 50-DMA, the stock reflects robust underlying momentum.
The consolidation pattern resembles a bullish flag or triangle, indicating a potential resumption of its upward trajectory. The Stochastic oscillator is showing signs of recovery, suggesting improving buying momentum. Traders may consider entering at the current market price of ₹2,850, with a stop-loss at ₹2,700 and an upside target of ₹3,100. Maintaining above the ₹2,700 support zone is crucial for sustaining the bullish outlook.
Kotak Mahindra Bank: Positive Technical Setup
Kotak Mahindra Bank is displaying a positive technical setup across both weekly and daily charts. The stock has formed a Cup and Handle breakout on the weekly timeframe, indicating a potential continuation of its broader uptrend. The daily chart supports this bullish perspective, with the stock maintaining a clear formation of higher highs and higher lows.
Rising volumes alongside recent price action further indicate strong buying interest. The stock is currently trading at ₹419, with a stop-loss at ₹403 and an upside target of ₹460. The formation of a strong green candle near the 21-EMA reflects buying strength at lower levels, while the MACD has generated a bullish signal, adding further confirmation to the positive setup.
Key Highlights
- Paytm shows bullish momentum, trading above key moving averages.
- Azad Engineering consolidates near highs, indicating potential for upward movement.
- Kotak Mahindra Bank forms a Cup and Handle breakout, signaling continued uptrend.
- Stop-loss and target levels provided for each stock to guide traders.
Investor Note: Investors should consider the technical setups and suggested entry points for these stocks, while remaining vigilant about market conditions and individual risk tolerance.
Stay Ahead of the Market 📈
Subscribe to our weekly newsletter
Get your weekly market summary from FinBrooks Insights and smart financial lessons from FinBrooks Academy delivered straight to your inbox every weekend!