Zomato Set to Fall After Disappointing QuarterZomato's share price has already fallen around 12% from its day high, following the release of disappointing quarterly results. In Q3, Zomato's net profit declined by 57% year-over-year, totaling 59 crore rupees. Due to this poor performance, selling pressure is likely to continue. The stock is currently near its intraday support level of 230 rupees, which is likely to break.
We should wait until the share price breaks below this level and sustains there for a while before considering a short trade. However, if the share price opens with a gap down, we should wait for a retest of the 230 rupee price level before entering the trade. Our first target for this trade would be the 200 rupee price level, which represents a potential decrease of approximately 13% from the current point.
Zomatotrendanalysis
Zomato Intraday Levels : 23-Sep-24 Stock closed near Resistance Zone wait for breakout or rejections at marked zone for entry. All expected entry zone Mentioned on Chart
Bullish > 293
Bearish< 289
Use SL trailing method to secure peofits
Zomato Intraday Levels : 18-Sep-24Stock closed at support Zone. Rejection from zone and Trendline upside Breakout can expect upside momentum else breakout of support drag price for downside
Bullish > 273
Bearish < 268
ZOMATO be FEARFUL when others are GREEDY!It's simply the best time to exit ZOMATO according to me.
I have updated the wave counts for your reference.
It's most likely to form a WXY pattern on a cycle degree.
Wave Y may form ending diagonal in 5 wave formation with a downside of upto 26 level.
A fall of around 73% from CMP.
I am just sharing my views here.
You do your own due diligence before taking any action.
Peace!!
Zomato Rejection On Weekly CandleIf Zomato breaks below Rs.65 - 63 levels, Likely to test the all time low.
ZOMATO Towards 130 levelsWe have seen a remarkable rally in Zomato Ltd in the past few months from 45 levels to 75 levels, that's a whopping 81% gain in a span of about six months only.
Well, the stock doesn't seem to stop here and has the potential to give another 70-80% gain in another 6-8 months' time, if sustains above 69-70 levels.
It can be a great risk to reward positional trade at this point of time and price
Zomato Trend AnalysisPoor fundamentals will lead to a massive fall ahead.
Around 25% upside left upto 90-95 levels before a 75% fall towards 22.50 level.
This is not a trade recommendation.
Hope you find my insight helpful.
Do your own due diligence before taking any action.
Peace!!
