Paisalo Digital shares hit 10% upper circuit limit, again!

Paisalo Digital Ltd shares on Monday touched their upper price band for the second consecutive session. The stock surged 10 per cent to hit Rs 80.68. At this price, the multibagger scrip has gained 194.78 per cent in a year.

A few technical analysts largely remained 'bullish' on the counter. Support could be seen around Rs 74 level.

AR Ramachandran from Tips2trades said, "Paisalo Digital stock price is bullish on daily charts with strong support at Rs 73.45. A daily close above resistance of Rs 88.5 could lead to an upside target of Rs 100 in the near term."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 74 and resistance at Rs 85.5. A decisive close above the Rs 85.5 level may trigger a further upside till Rs 90. The expected trading range will be between Rs 72 and Rs 92 for a month."

Bourses BSE and NSE have put the securities of Paisalo under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

The counter traded higher than the 5-day, 10-, 20-, 30, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 61.11. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 5.21. Earnings per share (EPS) stood at 4.42.

On BSE, around 2.61 lakh shares were seen changing hands today. The figure was higher than the two-week average volume of 1.53 lakh shares. Turnover on the counter came at Rs 2.06 crore, commanding a market capitalisation (m-cap) of Rs 7,245.42 crore.

As of March 21 this year, promoters held a 50.37 per cent stake in the company.