Curated By: Business Desk
Last Updated: November 27, 2023, 13:59 IST
Zomato shares misplaced over 7% up to now week.
Despite recovering considerably from the final 52-week low degree the stock is at 11% decrease than its final 52-week excessive of Rs 126.35 reached on November 7, 2023.
Shares of meals supply agency Zomato have recovered greater than 155% from its final 52-week low and brokerages see an upward motion within the stock.
The stock closed at Rs 113.2 apiece, up 0.22%, on BSE on Friday, registering a 155.24% acquire from its final 52-week low. The meals supply stock had hit a low of Rs 44.35 on BSE on January 25, 2023.
Notably the stock has gained greater than 90% to date this yr and over 79% up to now one yr interval. However, up to now one week the stock has misplaced over 7%.
Zomato shares had been listed at a premium of 53% on NSE at Rs 116 per piece and at Rs 115 on BSE at a premium of 51%, in comparison with its provide value of Rs 76. However, the stock dropped to a low of Rs 44 degree inside 6 months since its itemizing on the bourses on July 23, 2021, eroding the traders’ cash.
However, regardless of recovering considerably from the final 52-week low degree the stock is at 11% decrease than its final 52-week excessive of Rs 126.35 reached on November 7, 2023.
Meanwhile, brokerage Morgan Stanley final week maintained an ‘overweight’ score on the Zomato stock with a goal value of Rs 140 per share, indicating an upside of almost 24% in comparison with its closing value on Friday. The brokerage noticed that the meals supply platform has an upside potential regardless of sturdy outperformance as fast commerce might shock, in keeping with CNBCTV18.
According to a Business Today report, Osho Krishan, Senior Research Analyst at Angel One, noticed that Zomato stock appears to be like constructive within the brief-time period.
“Zomato is hovering in a cycle of higher highs – higher lows on a daily timeframe and looks positive for the short-term period. The bullish gap of Rs 108 is likely to act as a support zone and till it sustains above the same, there is no sign of caution in the counter. On the higher end, the swing high near the Rs 125 zone is likely to be seen as an immediate hurdle and a decisive surpass could only trigger fresh momentum in the counter,” Krishan mentioned.
In addition, technical analyst Shiju Koothuparambil from Prabhudas Lilladher mentioned that the stock has witnessed some revenue reserving from the final 52-week excessive ranges, the report added.
“The stock has witnessed some profit booking from the peak zone of Rs 126 level. Near-term support is at Rs 109. The overall bias is maintained positive. A decisive breach below the Rs 102 zone can only weaken the bias,” Koothuparambil was quoted as saying by Business Today.
