Zomato share price Bearish after 286, there is immortal resistance for the last 10 days.
Zomato’s share price has been a topic of interest among investors, especially with predictions for tomorrow’s trading session. As of September 16, 2024, the Zomato Limited stock is showing signs of a bullish trend, which could influence its performance in the upcoming trading day.
Main Points
- 1 Zomato share price Current Market Overview
- 2 Zomato share price Predictions for Tomorrow
- 3 Factors Influencing Share Price
- 4 Positive Sentiment in the Market
- 5 Increased Retail Investor Interest
- 6 Strong Financial Performance
- 7 Analyst Insights
- 8 Zomato share price Technical Analysis
- 9 Key Support and Resistance Levels
As of the latest updates, Zomato’s share price stands at ₹271.75. The stock has seen fluctuations, closing down by approximately 3.88% recently. Analysts are optimistic about its potential movement, with predictions suggesting a range between ₹259.75 on the downside and up to ₹286.25 on the upside for tomorrow’s trading session.
The forecast for Zomato’s share price indicates a possible upward trend. Analysts have set several price targets for tomorrow:
- Target 1: ₹263.5
- Target 2: ₹270.6
- Target 3: ₹273.45
- Target 4: ₹276.6
- Target 5: ₹282.27
These targets suggest that if the stock maintains its current momentum above crucial support levels, it could continue to rise.
Several factors contribute to the optimistic outlook for Zomato’s stock:
Positive Sentiment in the Market
The overall sentiment in the market appears to be shifting positively towards Zomato, driven by recent performance indicators and analyst recommendations. Many analysts have rated Zomato as a “buy,” citing its strong fundamentals and growth potential in the food delivery sector.
Increased Retail Investor Interest
Recent reports indicate that retail investors have slightly increased their holdings in Zomato, which may contribute to upward pressure on the stock price. This trend reflects growing confidence among individual investors regarding Zomato’s future prospects.
Strong Financial Performance
Zomato has demonstrated robust financial growth over recent quarters, with significant increases in revenue and net profit margins. The company reported a net profit of ₹175 crore recently, marking a substantial recovery from previous losses. This financial turnaround is likely to bolster investor confidence and support higher stock valuations.
Analyst Insights
Analysts are optimistic about Zomato’s future performance based on various metrics:
- Revenue Growth: Zomato’s revenue has shown consistent growth over the last nine quarters.
- Market Positioning: The company is well-positioned within the quick commerce sector, which is expected to grow significantly in India.
- Investment Recommendations: Major brokerage firms have set higher price targets for Zomato, with some predicting targets as high as ₹300 per share in the near future due to its competitive advantages and market share growth.
From a technical standpoint, Zomato stock is currently above critical support levels, which indicates that it may continue its upward trajectory unless significant market changes occur. The stock opened at ₹268.25 and experienced a range between ₹268.10 and ₹281.50 during recent trading sessions.
Key Support and Resistance Levels
- Support Level: ₹254.37
- Resistance Level: ₹283.33
These levels are crucial for traders looking to make informed decisions regarding entry and exit points in their trades
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
