ZOMATO LTDLong
#ZOMATO to 330 next?
The technical chart for Zomato Limited, shown on a 1-day timeframe, highlights a bullish trend as the stock attempts a breakout above the key resistance level of ₹306. This breakout could potentially lead to further upside, targeting the price zones between ₹312, ₹321, and ₹328, as indicated on the Fibonacci retracement. The stock currently trades at ₹299.35, up 4.58%, supported by strong trading volume of over 102.15 million shares.
Key support levels are identified around ₹284, where a breakdown on a closing basis would invalidate the bullish outlook. The wider support range extends to ₹271 and ₹247, making these levels critical for risk management.
Accompanying news suggests that the food delivery industry in India, including players like Zomato and Swiggy, is experiencing positive market sentiment. Analysts project steady growth, with Swiggy expecting to achieve positive core earnings by December 2025, driven by the booming quick commerce sector.
These technical and fundamental factors indicate a favorable outlook for Zomato, provided the stock sustains above the breakout levels. Market participants should monitor price action closely around the ₹306 mark for confirmation of the breakout.
Key support levels are identified around ₹284, where a breakdown on a closing basis would invalidate the bullish outlook. The wider support range extends to ₹271 and ₹247, making these levels critical for risk management.
Accompanying news suggests that the food delivery industry in India, including players like Zomato and Swiggy, is experiencing positive market sentiment. Analysts project steady growth, with Swiggy expecting to achieve positive core earnings by December 2025, driven by the booming quick commerce sector.
These technical and fundamental factors indicate a favorable outlook for Zomato, provided the stock sustains above the breakout levels. Market participants should monitor price action closely around the ₹306 mark for confirmation of the breakout.
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