Zomato- Chart Analysis - Update
Updated
Zomato CMP:259.95; RSI:62.38;
Gap created on charts is re-claimed. Any intraday down-swing below the 245 should be brought till the level of 235. At this point the weak hands in the scripts are removed in last 2 -3 weeks of consolidation. This gives a good opportunity for re-entry into the stock.
Re-entry-level: between 234 – 245
Near Term Target: 285-290;
Target 1: 309 ( 2 months)- Strech target: 345 -370
Stop Loss-229 (on closing basis)
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Gap created on charts is re-claimed. Any intraday down-swing below the 245 should be brought till the level of 235. At this point the weak hands in the scripts are removed in last 2 -3 weeks of consolidation. This gives a good opportunity for re-entry into the stock.
Re-entry-level: between 234 – 245
Near Term Target: 285-290;
Target 1: 309 ( 2 months)- Strech target: 345 -370
Stop Loss-229 (on closing basis)
✅ For more trading ideas like this, please like, share, and follow my Idea Stream ✅
Note
Near Term Target Achieved@ 23-09-2024. Further it can be accumulated at current level for a swing trade of 320 ++ level.
While those who hold at level below 280 can keep a strict stop loss of 275 and book profit at 25% of position at 330 and @ 340 levels for 50& of holding and another 25% can be hold with trailing stop-loss till 360 levels.
Trade active
Find the updated wave pattern. No change in the targets, while targets timelines will delay.
Note
Its a good price to accumulate or for fresh entry. last 2 days volatility in market is imported because of global turmoil, stay invested.
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Note
Tomorrow a big gap up opening might be possible in the script on backdrop of strong resultsNote
Its a good price to accumulate or for fresh entry. Keep invested. Chart Structure is still intact.Note
ZOMATO’S chart structure has shown signs of reversal and swing trade in near term is possible. A Targets of Rs 276.5-287.5 retest of recent 52W of 296 is visible in near term. Stay invested and time to add go long.
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