Zomto -4-Strong Chart-Accumulate
Updated
Zomato CMP:194.40; RSI: 55;
Zomato chart structure seems to be very strong, it’s a good buy at the current market price (range of 188-195) 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.
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Zomato chart structure seems to be very strong, it’s a good buy at the current market price (range of 188-195) 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 the Ideas, pls Share, Like & boost ideas and follow to never miss a new idea!✅
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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.Note
Worst is over for the stock, it has shown good resistance in most volatile session week of the Indian markets and bounced back above its stop loss levels of Rs 179. Investors can start accumulating the stock, and can achieve the targets of 285-290 in next 6 months time frame.Note
Zomato CMP:262.35; RSI: 81.5; The short-term targets are achieved, now script is in overbought zone (RSI: 81.5). Its time book profit and in 75% of your holding those who are holding long position from 194 levels, while others having long position above 220 should book 100% profit for now.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)
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Tomorrow a big gap up opening might be possible in the script on backdrop of strong results
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