Paytm, PVR Inox: Can laggards of H1-2024 script turnaround? What charts say

Paytm, PVRInox, Bandhan Bank, Syrma SGS Technology and Alkyl Amines: Trading strategies for stocks that ended as losers in the first-half of 2024.

Even as equity markets ended H1-2024 with solid gains, with benchmark indices Sensex and the Nifty 50 scaling new highs, more than 1 and every 5 stocks from the Nifty 500 ended the first-half with losses.

Prominent among these were - Zee Entertainment (44.7 per cent) and Paytm (36.8 per cent). A total of 48 stocks from the Nifty 500 space have declined over 10 per cent so far this calendar year.

Meanwhile, the Sensex and the Nifty gained around 10 per cent each, while the Nifty 500 soared over 16 per cent.

Can these stocks revive and script a turnaround in the second-half of the year 2024? Here's what the charts suggest for the select 5 stocks:

Paytm 

Current Price: Rs 416

Support: Rs 388; Rs 373; Rs 367

Resistance: Rs 453; Rs 520

Paytm stock after a gap of around 7 months is seen trading above its 200-DMA (Daily Moving Average) on a consistent basis. The 200-DMA at Rs 388 is likely to act as a near-term support for the stock.

On the longer-scale, Paytm stock is seen testing resistance around its super trend line, which coincides with the higher-end of the Bollinger Bands on the weekly chart at Rs 453.

The stock needs to break and sustain consistently above Rs 453, for a fresh rally to emerge. Post the breakout, the stock can potentially rally to Rs 600 levels, with interim resistance seen at Rs 520. 

On the flip side, failure to sustain above the 200-DMA, can trigger a fall towards Rs 373 and Rs 368 levels. CLICK HERE FOR THE CHART

Syrma SGS Technology

Current Price: Rs 493

Support: Rs 462

Resistance: Rs 550

Since the last four months, Syrma SGS stock seems to be respecting the support at its 20-MMA (Monthly Moving Average) which stands at Rs 462. As long as the stock holds this on a closing basis, the stock can attempt a rebound to higher levels. CLICK HERE FOR THE CHART 

Key momentum oscillators on the weekly scale have turned favourable. Chart suggest, key resistance for the stock at Rs 550; above which the trend can revive.  

Alkyl Amines Chemicals

Current Price: Rs 2,143

Support: Rs 2,050

Resistance: Rs 2,175; Rs 2,200; Rs 2,240

Alkyl Amines Chemicals is presently seen testing resistance around its 200-DMA (Daily Moving Average) at Rs 2,175; above which the next resistance stands in the form of 50-WMA (Weekly Moving Average) at Rs 2,200 followed by Rs 2,240 levels. The stock needs to overcome these hurdles, for a rally to emerge towards Rs 2,500-mark. 

On the downside, the 100-DMA at Rs 2,050 levels is likely to act as a strong support for Alkyl Amines stock. CLICK HERE FOR THE CHART

Bandhan Bank

Current Price: Rs 205

Support: Rs 191

Resistance: Rs 220

The key momentum oscillators are on the verge of turning positive on the long-term chart of Bandhan Bank. The stock faces near resistance at Rs 220 levels. Breakout and sustained trade above the same can trigger a rally towards Rs 268. On the downside, the 50-WMA at Rs 191 is likely to act as a strong support. CLICK HERE FOR THE CHART

PVRInox

Current Price: Rs 1,498

Support: Rs 1,375

Resistance: Rs 1,539; Rs 1,585

PVRInox stock has picked-up momentum in the recent weeks. The stock has broke out above its 50-WMA, and is now on the verge of testing resistance at its 200-WMA at Rs 1,539; above which the next hurdle stands at Rs 1,585.

The long-term chart suggests, sustained trade above Rs 1,505 shall augur well for the stock. On the upside, the stock can potentially jump to Rs 1,700 levels. Support on the downside can be expected around Rs 1,375. CLICK HERE FOR THE CHART