ट्रेंडिंग

Zomato Share Price may go down to Rs 272 on September 13, know what is the weekly level

WhatsApp Group Join Now
Telegram Group Join Now

Zomato share price has shown remarkable activity today, September 12, 2024. The stock opened at ₹283.90, reflecting a significant increase of 4.48% from the previous closing price of ₹267.70. This surge marks a continuation of a positive trend for Zomato, which has seen its shares rally significantly over the past weeks.

Zomato’s strong performance can be attributed to several factors. Notably, UBS recently reaffirmed a ‘buy’ rating on Zomato with a target price of ₹320, highlighting the company’s robust growth potential in the food delivery sector. This endorsement from a prominent brokerage has likely boosted investor confidence, contributing to the stock’s upward movement today. The brokerage noted a month-on-month growth in industry volumes of approximately 2.5% in August 2024, which is a positive sign for Zomato’s operational performance.

Recent Price Action

In the last trading session, Zomato’s stock reached a high of ₹281.50 before closing at ₹283.90. The stock has demonstrated impressive growth, gaining over 123% year-to-date, significantly outperforming the Nifty index, which has only risen by 14% in the same period. Additionally, Zomato’s shares have more than doubled in the past year, rising approximately 179%, showcasing the company’s strong market position and investor interest.

Despite the positive momentum, Zomato’s shares have experienced some volatility. The stock hit a 52-week high of ₹280.90 on August 19, 2024, and a low of ₹96.50 on September 12, 2023. This dramatic fluctuation highlights the stock’s potential for both significant gains and losses, making it crucial for investors to stay informed about market trends and company performance.

Technical Analysis

From a technical perspective, Zomato’s stock is currently in a strong uptrend. Analysts have noted that the stock has broken out of a flag formation, indicating potential for further gains. The immediate resistance level is now seen at ₹280, which has already been breached. If the stock continues to maintain its momentum, it could target the ₹300 level in the near future.

On the downside, analysts suggest that ₹240 serves as a critical support level. If the stock experiences any corrections, this level will be closely monitored by traders. Furthermore, the MACD and RSI indicators are currently supporting the strength of Zomato’s price movement, suggesting that the bullish trend may continue.

Market Sentiment

The overall market sentiment surrounding Zomato remains optimistic. The company is benefiting from the competitive dynamics in the food delivery sector, particularly against rivals like Swiggy. As Zomato expands its operations in major metropolitan areas, its ability to capture market share and drive revenue growth is expected to improve.Moreover, Zomato’s recent initiatives, including the acquisition of Paytm’s entertainment ticketing business, are seen as strategic moves to diversify its offerings and enhance customer engagement. Such developments are likely to attract more investors and further elevate the company’s stock price.

Predictions for Tomorrow

Looking ahead to tomorrow’s trading session, analysts predict that Zomato’s share price may continue its upward trajectory. The positive sentiment from UBS’s endorsement and the overall bullish trend in the market could lead to further gains. However, investors should remain cautious of potential profit-taking, which could lead to short-term fluctuations.

If Zomato can maintain its momentum and break through the ₹300 resistance level, it could set the stage for even more significant gains in the coming weeks. Conversely, if the stock fails to hold above the ₹280 mark, it may face downward pressure, prompting traders to reassess their positions.

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.

Sandeep Kumar

Sandeep Kumar is an experienced Hindi and English news writer with nearly 5 years of experience in the media industry. He started his career with a digital news website chopal TV, where he worked in many sections including auto, tech and business. He loves writing and reading news related to technology, automobile and business. He has covered all these sections extensively and presented excellent reports for the readers. Sandeep Kumar has been trying to provide correct and accurate information to the readers on Local Haryana for the last 1.5 months.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button