Ola Electric charges new-age stocks; Can Zomato, Paytm extend rally ahead?

New-age stocks have zoomed up to 80% from Election Result day lows. Charts suggest PolicyBazaar, Paytm, Nykaa and Delhivery can rally another 12%; while Zomato and CarTrade may dip going ahead.

Shares of new-age companies have witnessed a sharp rally from the June 04 - Lok Sabha Election Result Day low; with the likes of Zomato and Paytm topping the charts.

Zomato stock has zoomed nearly 80 per cent from a low of Rs 146.30 on June 04. In comparison, the NSE Nifty 50 index has gained 16 per cent from its low of 21,281 on the same day.

The gains in shares of food aggregator Zomato were attributed to improved financial performance. Post Q1 earnings, analysts said that consistent delivery on growth and strong execution on profitability across Food Delivery and Quick Commerce (QC) would support elevated valuations on the stock.

 

Among others, Paytm has soared 60 per cent, and PB Fintech, the parent company of PolicyBazaar, has surged 41 per cent. Nykaa, Delhivery and CarTrade have rallied in the range of 21-28 per cent each.

Off late, Ola Electric has been in limelight on the back of its dazzling performance post listing. Ola Electric stock more-than-doubled from its issue price of Rs 76 per share in mere seven trading sessions. READ MORE

That apart, hopes of likely inclusion in the futures & options segment have kept these stocks on investors’ radar.

Against this backdrop, here's how the main players from the new-age space look placed on technical charts:

Zomato

Current Price: Rs 263

Downside Risk: 19.8%

Support: Rs 252; Rs 247; Rs 232

Resistance: Rs 280

Zomato stock is seen trading in fairly overbought zone on the long-term charts. Further, the stock is seen struggling to sustain above the higher-end of the Bollinger Bands on the weekly scale. As such, these could be early signs of a likely cool down in prices going ahead.

As per the monthly chart, the bias for the stock is likely to remain positive as long as the stock manages to sustain above Rs 252. Break and sustained trade below the same can trigger a corrective move towards the 20-WMA (Weekly Moving Average) - a key level the stock has consistently held in times of volatility since April 2023. CLICK HERE FOR THE CHART

The 20-WMA at present stands at Rs 211; interim support for the stock can be expected around 247 and Rs 232 levels. Resistance on the upside is likely around Rs 280 levels.

Paytm

Current Price: Rs 571

Upside Potential: 11.2%

Support: Rs 529; Rs 492; Rs 460

Resistance: Rs 628; Rs 635

Paytm stock has reclaimed the 200-DMA (Daily Moving Average) after a gap eight months. The stock is seen making higher-highs and higher-lows on the daily scale since June. The daily chart suggests that the bias for the stock is likely to remain favourable as long as it trades above Rs 529 (200-DMA).

Having said that, the stock now is on the threshold of key resistance levels on the long-term charts. As per the charts, the 100-WMA at Rs 628 and the super trend line resistance on the monthly scale at Rs 635 could limit further upside in the stock for now.

On the flip side, in case, the stock dips back below the 200-DMA, a fall to Rs 492 - Rs 460 seems likely. CLICK HERE FOR THE CHART

PB Fintech (PolicyBazaar)

Current Price: Rs 1,680

Upside Potential: 11.9%

Support: Rs 1648; Rs 1,605

Resistance: Rs 1,750; Rs 1,824

The near-term bias for PolicyBazaar is likely to remain positive as long as the stock trades above Rs 1,648 levels; below which key support for the stock stands at Rs 1,605. On the upside, the stock seems headed towards Rs 1,880; with interim resistance expected around Rs 1,750 and Rs 1,824. CLICK HERE FOR THE CHART

Delhivery

Current Price: Rs 436

Upside Potential: 11.2%

Support: Rs 415; Rs 407

Resistance: Rs 450; Rs 455

The key momentum oscillators like the Slow Stochastic and MACD (Moving Average Convergence-Divergence) on Delhivery's weekly chart are showing positive crossovers. Thus, the stock is likely to see pick-up of momentum on the upside in the coming trading sessions.

The bias for the stock is likely to remain bullish as long as the stock holds above Rs 415 - its 20-WMA; below which support can be expected around Rs 407. On the upside, the stock is likely to test Rs 472 - Rs 485 levels. The stock may face some resistance around Rs 450 - Rs 450 levels. CLICK HERE FOR THE CHART

Nykaa

Current Price: Rs 194

Upside Potential: 12.4%

Support: Rs 190; Rs 182

Resistance: Rs 198; Rs 201

The price-to-moving averages is favourable for Nykaa, with the stock trading firmly above the key moving averages and short-term moving averages placed above the long-term moving averages.

As such, the 20-DMA at Rs 190 acts as a first line of defense for Nykaa stock; below which support for the stock is seen at Rs 182. On the upside, the stock seems headed towards Rs 218; with interim resistance seen at Rs 198 and Rs 201 levels. CLICK HERE FOR THE CHART

CarTrade Tech

Current Price: Rs 907

Downside Risk: 16.7%

Support: Rs 990; Rs 840

Resistance: Rs 925; Rs 980

CarTrade stock is seen gyrating in a broad range of Rs 760 - Rs 925 since the last three months. The weekly chart shows likely extension of the trading range to Rs 755 - Rs 980. A decisive break out on the trading range could determine the next trend for the stock.

For now, immediate resistance for the stock is seen at Rs 925; and support at Rs 880 and Rs 840 levels. CLICK HERE FOR THE CHART