- Summary:
- Zomato is experiencing a pullback after testing the recent high of ₹285.90, it appears to be consolidating at key support level of ₹279.05.
As of September 26, 2024, Zomato’s stock closed at ₹284.90, showing a minor decline of 0.18%. The stock is currently experiencing a pullback after testing the recent high of ₹285.90, and it appears to be consolidating around the key support level of ₹279.05.
Zomato Key Support and Resistance Levels
The chart reveals important levels that traders should be aware of. The primary support is located at ₹279.05, a level that has previously acted as resistance but is now turning into a crucial support zone. Should this level hold, Zomato’s stock could see a bounce, potentially retesting the resistance at ₹300.00 in the coming sessions.
On the upside, the stock faces resistance near ₹300, a psychological level, and the recent peak. If Zomato manages to break above this level with strong volume, it could signal the continuation of the upward momentum seen since August.
Conclusion
Zomato’s stock has strong fundamentals backing its recent growth, and the technical setup suggests that the stock could continue its upward journey after this brief consolidation. Key levels to watch include the support at ₹279.05 and resistance at ₹300. Traders might find opportunities within these levels, especially if Zomato sustains its positive trajectory in the upcoming sessions.