After the IPO Hype in the mid-2021, there aren’t many good things to say about Zomato so far..
Since from the Day it got listed and till to date, Zomato Share Prices were in a Narrow Range of 125 – 150. Price Action Violently broke from the Range just a few days back.
Take a Look at the Price Action Analysis on 1D Chart
Respective Support Zone is at 125 and Resistance Zone is around 150. We can clearly notice the recent breakdown from the Support on 1D Chart.
As of now, Stock Prices are trading slightly below the Listing price of 116, around 100 per share.
The Momentum of the Bearish Breakout is pretty strong. Along with that we can also witness increasing Bearish Volume on the stock.
The Round number of 100 can act like a Short term Support Zone. Incase if Price breaks the level and retests it, we can expect the Stock Prices to fall even further to the downside. Likewise a Break above 114 can push the Stock Prices higher with renewed Buying Interest.
It’s worth to keep the stock on watch list as we might see good movement both sides in upcoming weeks. Traders should keep an eye on the Price Action on 1D Chart and must take positions accordingly.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Good Buy from Investing perspective at lower levels as its the future biz n also with its FMCG delivery systems in place Zomato looks attractive for accumulation as it is just above its issue price. With the kind of Investments its competitor Swiggy accumulated recently its anyones guess about the future of this sector n Zomato.. it has to just improve on its operatinal costs n reduce freebies n surely it will regain its earlier Mkt Capitalisation in the times to come.Like 1
Sir, one reply to IT. stock MINDTREELike 0
Good analysis bro and yesterday it got UCLike 0
Nice info dearLike 0
Thanks for sharing your IdeaLike 1