Zomato Share Price Continues Uptrend, Hits New 52-Week High

Zomato Share Price Continues Uptrend, Hits New 52-Week High

VoM News Desk | October 11, 2023 | 05:34 PM IST | Breaking News | Follow on Google News

Zomato Share Price Continues Uptrend, Hits New 52-Week High

Zomato Share Price Continues Uptrend, Hits New 52-Week High

Zomato’s share price has been consistently on the rise, reaching new 52-week highs. Starting from a low of ₹44.35 per share on NSE in February 2023, the stock has been in a continuous uptrend. In the most recent session, Zomato shares opened with an upside gap and reached a new 52-week high of ₹109.15 on NSE, marking nearly a 150% rise in the past eight months.

Bullish Outlook for Zomato

Stock market experts anticipate that Zomato’s share price could continue to rise, potentially reaching ₹118 per share in the near term. They attribute this bullish outlook to the profitability of new-age businesses, which has positively impacted the fortunes of such stocks. Zomato, being a part of the new-age business segment, has experienced a turnaround in its financial performance.

‘Buy on Dips’ Strategy for Zomato Shares

Market analysts suggest that Zomato shares are an ideal “buy on dips” stock on the stock market. Investors may consider holding the stock, with an immediate target of ₹118 per share in the near term.

Factors Behind Zomato’s Stock Price Surge

Saurabh Jain, Vice President of Research at SMC Global Securities, highlighted the improved profitability of new-age businesses in recent quarters as a key driver behind the surge in Zomato’s share price. The company’s performance in the second quarter of the fiscal year 2023-24 (Q2FY24) is expected to play a pivotal role in sustaining this uptrend.

Technical Analysis and Target Levels

Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, pointed out that Zomato’s share price has consistently broken out at ₹76 and ₹98 per share levels, leading to its uptrend. Investors can consider holding the stock for a near-term target of ₹118, given that the stock is trading within the ₹96 to ₹118 range.

For those already holding Zomato shares, maintaining a trailing stop loss at ₹95 is advised, while fresh buying is recommended around ₹100 for the ₹118 per share target. A stop loss at ₹95 should be maintained for new positions in Zomato shares.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.