Zomato-4- Chart Analysis
Updated
Zomoto; CMP:185.50;
Zomato chart structure seems is very strong, it’s a good buy at the current market price (range of 188-190) for a time frame of 3 months. The script will give clear breakout single once crossed and settled over Rs. 201.50 on closing basis.
The various swing targets for the script are- Target- 1- 212-215; Target-2- 226-230;
While the final Target on charts is seen at Rs 285-290 level.
Script will face major resistance at 246.5 level before marching towards the final target.
✅If you resonate with this Ideas, pls Share, Like & boost idea and follow to never miss a new idea!✅
Zomato chart structure seems is very strong, it’s a good buy at the current market price (range of 188-190) for a time frame of 3 months. The script will give clear breakout single once crossed and settled over Rs. 201.50 on closing basis.
The various swing targets for the script are- Target- 1- 212-215; Target-2- 226-230;
While the final Target on charts is seen at Rs 285-290 level.
Script will face major resistance at 246.5 level before marching towards the final target.
✅If you resonate with this Ideas, pls Share, Like & boost idea and follow to never miss a new idea!✅
Note
Zomato has again tested its support on Friday trading session and strong buying has immerged as soon as it slinked down to 182 level and bounce back to close above 182 levels. Keep a strict stop loss of 179 on closing basis the earlier stop loss of 181 is revised to 179 to counter the extreme volatility in market due to general election.Trade active
Worst is over for the Zomato, the uncertainty in the macro economic front has eased out, last few weeks before the new leg o rally should take Zomato to new all time high.Trade active
Today Zomato has given clear breakout above it long time resistance band (Breakout Zone of 197-201.5) with increased volume on Daily basis. now the target -1 of Rs 212-215 is a can be seen on charts, very soon.Trade active
Target -1 of Rs 212-215 is achieved by good volume, upside in script is now getting momentum, Stay invested and enjoy the rally.Trade active
The last session fall in Zomato, is because of profit booking. Its good time to add 50% of your capacity, and wait for 2-3 days and add another 50% to your portfolio. will see a upside of another 20 to 30% in coming 3 to 4 weeksNote
Good quarterly results has boosted the script at 278.70 levels in intraday, BOOK PROFITS and re-enter at 246 levels for a target of 285 plus in 3 months time frame.Note
I have redrawn the new layout, refer the below image and the way forwardZomato CMP:262.35; RSI: 81.5;
Gap created on charts will be reclaimed and filled in next 2 to 3 months which gives a good opportunity for re-entry into the stock.
Re-entry-level: between 234 – 245
Target: 285-290;
Strong Support: 246; Stop Loss-229 (on closing basis)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.