Zomato Share Price After falling till Rs 282, there may be Bullish, know what is the important level for tomorrow
Zomato Limited’s share price is poised for a promising performance in the upcoming trading session. Analysts predict that the stock will continue its upward trajectory, reflecting positive market sentiment and robust financial indicators.
Main Points
Zomato’s stock closed at ₹275.85 on September 20, 2024, marking an increase of 4.18% from the previous trading day. Over the past week, the stock has shown a steady rise, with a weekly gain of approximately 1.51%. This upward trend is indicative of strong investor confidence and favorable market conditions for the food delivery giant.
For tomorrow, analysts forecast Zomato’s share price to range between ₹279 and ₹327, with a target price set at ₹303. This prediction comes from a comprehensive analysis of market trends and technical indicators, suggesting continued bullish momentum for the stock. The anticipated price levels reflect a positive sentiment towards Zomato’s growth prospects in the competitive food delivery sector.
Several factors are contributing to the optimistic outlook for Zomato’s share price:
- Strong Revenue Growth: Zomato has reported impressive revenue growth in recent quarters. For instance, its revenue increased by 45% year-over-year in the last quarter, indicating strong demand for its services.
- Acquisitions and Market Expansion: The recent acquisition of Uber Eats’ India business has significantly bolstered Zomato’s market presence. This strategic move has allowed Zomato to capture a larger customer base and expand its operations into smaller cities.
- Grocery Delivery Ventures: Zomato is also investing heavily in its grocery delivery services. This diversification is expected to create additional revenue streams and enhance its competitive edge against rivals like Swiggy.
- Positive Market Sentiment: The overall market sentiment towards tech stocks, particularly in the digital services sector, remains bullish. Analysts are optimistic about Zomato’s potential to replicate the success seen by other tech companies in recent years.
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Analyst Recommendations
Brokerage firms have been quick to respond to Zomato’s positive performance with favorable recommendations:
- Axis Securities has set a target price of ₹325 for Zomato shares, indicating strong buy signals based on current trends.
- Motilal Oswal Financial Services also recommends buying with a target price of ₹300, reflecting confidence in Zomato’s growth trajectory.
From a technical perspective, Zomato’s stock is currently above critical support levels. It has maintained a position above ₹254.37, which suggests that as long as it remains above this threshold, the uptrend may continue. The stock’s recent movements indicate that it is gaining traction and could potentially reach higher targets in the near future.
Summary of Price Targets
| Date | Minimum Price | Maximum Price | Target Price |
|---|---|---|---|
| September 23 | ₹279 | ₹327 | ₹303 |
This table summarizes the expected price range for tomorrow’s trading session.
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.
