This NBFC stock, Anand Rathi’s pick of the month, still has upside potential of 35%, despite stock market Crash

Stock to buy : This NBFC stock, Anand Rathi's pick of the month Paisalo Digital, still has upside potential of 35%, despite stock market Crash

Paisalo digital share price movement and analyst target price

Paisalo digital Ltd had been recommended as pick of the month by Anand Rathi Investment services. As per the Report dated 25 February, at market price of close to ₹38.90, Anand Rathi had recommended buying Paisalo Digital for a target price of ₹50 , keeping a stoploss of ₹32.

With the Stock Market Crash Paisalo Digital share prie nevertheless has corrected. On Friday 28 February, Paisalo Digital share price saw intraday low of ₹34. This intraday low for Paisalo Share price was also its 52-week low. The Paisalo Digiital share price thereby did not hit the Stoploss of ₹32 and from intraday lows of ₹34, the Paisalo Digital share price rebounded to intraday highs of ₹38 levels.

With Stoploss still not been triggered Paisalo still can be bought for a target price of ₹50 as per Anand Rathi recommendations, indicating a upside potential of around 35%

Paisalo digital share price- technical view

Anand Rathi analysts had said that after peaking near 63.74, Paisalo digital share price declined by approximately 25 points, a drop of about 40%. It recently completed a 1:1 corrective leg near its previous breakout zone, aligning with the Monthly Floor and Monthly camarilla support pivots. This confluence of technical supports, as per Anand Rathi analysts, suggests a potential reversal. Based on these factors, a long position is recommended by Anand Rathi analysts in the 37-39 zone for Paisalo digital share price. The target is set at 50, capitalizing on the potential rebound, while the stop-loss is placed at 32 on a closing basis to manage downside risk as per Anand Rathi. This strategic setup leverages the strong support zones and aims for a favorable risk-reward ratio

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.