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This Payment Services Stock Lost 74% After It Listed; Is There A Trend Reversal? (One97 Communications Ltd) has been one of the worst IPO performers in the Indian markets. After listing near Rs. 2100, the stock lost close to 74% while it formed a low near 520 levels. Presently, multiple technical pieces of evidence suggest that there may be an attempt at a classical trend reversal and the worst may be over for this stock subject to few levels being respected going ahead from here.

The first sign of a potential reversal came when the stock found double bottom support in the 520-525 zone as evident from the chart. After that, the following few weeks saw a formation of a bullish Ascending Triangle pattern taking shape. The most recent price action shows that the price has attempted a breakout with strong volumes and this may lead to confirmation of a trend reversal.

While the MACD stays above its signal line, the RSI has shown a breakout from a pattern resistance. The RS line against the broader NIFTY500 index has changed its trajectory; it is rising and above the 50-period MA.

The stock is also inside the leading quadrant of the RRG when benchmarked against the broader NIFTY500 index. This indicates that the stock may continue to relatively outperform the broader markets.

If the present pattern resolves on the expected lines, the stock may test 780, and 835 levels. Any close below 630 will negate this view.

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst |

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