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Policybazaar tops BSE200 list, surges 11% to trade well above 200-day EMA for first time

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PB Fintech, the operator of Policybazaar, gained for the fifth consecutive session, rising 10.6 percent on February 24 amid nervousness on Dalal Street for the past few days. It was the biggest gainer in BSE200 index.

Other new-age stocks also climbed, including Paytm, which rose 3 percent.

The Policybazaar and Paisabazaar operator has rallied 18 percent in five days to Rs 576.80, the highest level since August 2022.

The stock formed a large bullish candlestick pattern on the daily charts with above-average volumes, making higher highs and higher lows for the fourth straight session, while the benchmark indices made lower highs and lower lows.

The stock is now above the 200-day EMA (exponential moving average) of Rs 545), which is a positive sign. With this, it trades above all key moving averages.

The stock broke out of a long downward sloping resistance trendline adjoining the highs of November 2021 (record high) and February 13, 2023, supporting the positive sentiment.

Before this rally, there was severe selling pressure on the stock, which fell from its record high of Rs 1,470 (November 17, 2021) to a record low of Rs 356.2 one year later (November 17, 2022). Since then, it has not seen that record low again and formed a strong base around Rs 400-550 levels with a higher high and higher low formation.

“The stock appears to have formed an Inverse Head and Shoulder which is a bullish reversal pattern. The breakout of the neckline was assisted with volumes and the stock has moved beyond its 200-EMA for the first time since it listed,” said Viraj Vyas, a technical analyst at Ashika Stock Broking.

He said such extended base breakouts augur well for the stock as it looks to break the lower low and lower high pattern and test Rs 620-650 on the upside with key support at the Rs 520 level.

Vidnyan Sawant, AVP-technical research at GEPL Capital, said PB Fintech has bottomed out near Rs 355 and bounced back. In the current month, the stock stayed above its five-month high, indicating strong momentum.

“On the weekly charts, the stock broke out of a double-bottom price pattern with volume confirmation. The stock price is consistently sustaining above its 200-day SMA (Rs 503) over the past few days, which shows strong positive undertone of the stock,” Vidnyan said.

The relative strength index (RSI) on the weekly timeframe exhibited a breakout, which reflected the presence of strong momentum.