Paytm shares crash 10% again, Is it Time to Buy?

Paytm shares crash 10% again, Is it Time to Buy?

Paytm shares crashed by more than 65% from the highs and it is locked in lower circuit of 10% again.

Where will the stock bottom out and is it right time to buy?

It is best to look at charts and the possible area where the stock can bottom out using concept of Time cycles and Price action.

Paytm daily chart with Time cycles: 

Paytm shares are down sharply since January 31, after the RBI imposed its restrictions.

Hurst’s Time cycle - We have applied Time cycle of 57 days on the chart that shows the lows on the stock is formed around this time area on most of the occasions. The next low as per this should form around 6^th march 2024.

The support on downside is also at 280 – 265 which is derived using Channeling technique. We can see that the prior lows are formed on the lower trendline of the channel in the past.

As of now it is best to avoid buying this stock and when we have a positive price action near 280 – 265 along with the right time it will be a good opportunity to enter into the stock.

In a nutshell, by combining Hurst’s Time cycle concept along with Price actionChanneling technique one can forecast time of reversal with a complete plan. It seems there is more room on downside for this stock and it is best to evaluate entering into it in 1^st week of March 2024.

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