Comments
The outlook for Zomato is bullish. The stock has surged over 8 per cent last week. This marks the end of the corrective fall that was in place since the last week of September this year. It also indicates that a new leg of upmove has begun. Moving average cross overs on the daily chart also strengthens the bullish case. Immediate support is at ₹263. Below that ₹255-₹250 is a very strong support zone. Zomato share price can rise to ₹300-₹310 in the coming weeks.
Traders can go long now at ₹270. Accumulate on dips at ₹264. Keep the stop-loss at ₹253 initially. Trail the stop-loss up to ₹276 as soon as the stock goes up to ₹282. Move the stop-loss further up to ₹284 when the price touches ₹291. Exit the long positions at ₹305.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.