Zomato, Paytm shares fall to lowest since listing. What should investors do?
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New age tech stocks Zomato and Paytm continued to remain under pressure moment, hitting their separate lows since listing. Zomato drooped over 18 in Monday’s early deals to ₹ 92 all on the BSE. On the other hand, Paytm shares were trading nearly 4 lower at ₹ 924 all. The food delivery platform Zomato got listed in July 2021 and is over further than 30 from its IPO issue price of ₹ 76. Meanwhile, Paytm is down over 57 from its issue price of ₹.
“ The trend in global stock requests has turned distinctly bearish. Last week S&P 500 and Nasdaq closed 8 and 15 below their all time highs. The sell-off in tech stocks has been brutal last week. European stocks too turned bearish. An important point of the tech sell-off is that bulk of the selling is passing innon-profitable tech stocks. This trend is impacting stocks like Zomato and Paytm in India too,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services There’s a threat-off situation across the globe amid fear of tensing by the US Fed where the trend shows a sharp sell-off in growth stocks especially loss- making new age companies that came out with unrealistic valuations amid swoon in the request, as per judges.
“ We know that only a many companies will survive in the long run and I believe Zomato has the implicit to perform in the long run. The recent price correction is leading to stock at a reasonable valuation where aggressive investors can use this correction as a buying occasion with a long- term view,” said Santosh Meena, Head of Research, Swastika Investmart “ Zomato shares are looking weak on map pattern and it may go up to ₹ 75 situations after giving consecutive breakdowns at ₹ 110 and ₹ 100 all situations. Those who have this share in their portfolio should exit on brio while fresh investors are advised to take any steal position at current situations,” advised Sumeet Bagadia, Executive Director at Choice Broking.
Paytm shares have been under pressure since its dismal table and a torrent of bearish views. Its debut, made in November 2021, was one of the worst original showings by a major technology establishment since the fleck-com bubble period of the late 1990s Those who hold Paytm shares should exit on brio and stay for ideal situations to re-up whereas fresh buyers are advised to take any position at current situations. One can look to Buy either at ₹ 800 with stop loss ₹ 677 for 2- time target of ₹ to ₹ or above ₹ maintaining stop loss at ₹ 915 for same two- time target,” said Ravi Singhal, Vice Chairman, GCL Securities
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New age tech stocks Zomato and Paytm continued to remain under pressure moment, hitting their separate lows since listing. Zomato drooped over 18 in Monday’s early deals to ₹ 92 all on the BSE. On the other hand, Paytm shares were trading nearly 4 lower at ₹ 924 all. The food delivery platform Zomato got…