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We all are eyewitnesses of this new lifetime high. Nifty almost hit the 20000 and showed profit booking. While coming down Nifty has made a Falling Wedge chart pattern on the daily chart. This pattern is a bullish indication and this week nifty has given a breakout to the trendline and resumed up trend. For the coming week, 20000 is looking for strong resistance and 19500 will react like support.
We are bullish on the market and we can see a new lifetime high. Let’s discuss the company fundamentals and chart.
Zomato Limited is one of the leading online food service platforms in terms of the value of food sold and that everyone knows. Its offerings include food delivery, dining-out services, loyalty programs, and others. Since March 2020, after the first lockdown, everyone has preferred online food delivery, and based on that demand for online food delivery is increasing.
Zomato's IPO launched in July 2021 and the IPO price was 72-76. Many people applied for this company and earned good profit on the first day of an open market. The share price launched at 115 and went to 170 in a few weeks. After that bear took the handover and the share price came near 50 in a year. Then share price has started to trade in a zone that is 45-70. In this drive of zone retail investors got panic and sold their ownership. At the same time big investors have taken handover, they had accumulated all ownership from retailers.
Finally, in April 2023 share price was given a breakout on the weekly chart with volumes. That was the trend change confirmation of Zomato and the share price went to the 100. What next?
The share price is trading around 100 and we are expecting 120/130 levels in the coming few months. Immediate support is around 90/75.
Demand for online food & grocery delivery is increasing and based on that sales are increasing. Also, in the last quarter the first time company made a 2 crore profit. Now company is growing and we also have to sit in this bull rally.
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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. Readers are advised to consult their Investment advisor before making any decisions based on the above write-up.
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