Business News: Paytm’s share price has been on an uptrend over the past week, surging from around ₹340 to ₹439 per share, marking a 30% increase. Today, Paytm’s share price opened at ₹407 on the NSE and reached an intraday high of ₹439, a nearly 9% rise. This recent surge is attributed to the IRDAI’s approval of Paytm’s application to withdraw its associate company for general insurance, allowing it to operate as an insurance agent instead of selling its own insurance policies, which had been unprofitable. Experts predict that Paytm’s share price could reach ₹550 and ₹610 once it surpasses the ₹450 mark on a closing basis.

Triggers for Paytm Share Price: Saurabh Jain, Vice President of Research at SMC Global Securities, noted, “The IRDAI’s acceptance of Paytm’s application to withdraw its associate company for general insurance is a game-changer. This move, which transforms Paytm into an insurance agent, is expected to bolster its financial position. This is why investors are showing confidence in Paytm shares.”

Paytm Share Price Target: Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, commented on the technical aspect of Paytm shares, saying, “Paytm’s share price is currently facing resistance at ₹450. If this resistance is decisively breached, the stock could potentially reach ₹550 and ₹610. It’s crucial to monitor Paytm shares’ closing on Thursday. A close above ₹420 could indicate a positive trend, increasing the likelihood of breaching the ₹450 hurdle. Therefore, Paytm shareholders are advised to hold the stock, maintaining a stop loss at ₹390 per share.”

For new investors considering Paytm shares, Dongre advises waiting for a breakout at ₹450 on a closing basis. Once this occurs, he recommends buying the stock with targets of ₹550 and ₹610, while maintaining a strict stop loss at ₹420. He also suggests that current Paytm shareholders upgrade their trailing stop loss from ₹390 to ₹420 after the breakout above ₹450. This provides a clear strategy for both new and existing investors.