Zomato- Chart Analysis - Update
Updated
Zomato CMP:259.95; RSI:62.38;
Gap created on charts is re-claimed. Any intraday down-swing below the 245 should be brought till the level of 235. At this point the weak hands in the scripts are removed in last 2 -3 weeks of consolidation. This gives a good opportunity for re-entry into the stock.
Re-entry-level: between 234 – 245
Near Term Target: 285-290;
Target 1: 309 ( 2 months)- Strech target: 345 -370
Stop Loss-229 (on closing basis)
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Gap created on charts is re-claimed. Any intraday down-swing below the 245 should be brought till the level of 235. At this point the weak hands in the scripts are removed in last 2 -3 weeks of consolidation. This gives a good opportunity for re-entry into the stock.
Re-entry-level: between 234 – 245
Near Term Target: 285-290;
Target 1: 309 ( 2 months)- Strech target: 345 -370
Stop Loss-229 (on closing basis)
✅ For more trading ideas like this, please like, share, and follow my Idea Stream ✅
Comment
Near Term Target Achieved@ 23-09-2024. Further it can be accumulated at current level for a swing trade of 320 ++ level.
While those who hold at level below 280 can keep a strict stop loss of 275 and book profit at 25% of position at 330 and @ 340 levels for 50& of holding and another 25% can be hold with trailing stop-loss till 360 levels.
Trade active
Find the updated wave pattern. No change in the targets, while targets timelines will delay.
Comment
Its a good price to accumulate or for fresh entry. last 2 days volatility in market is imported because of global turmoil, stay invested.
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Comment
Tomorrow a big gap up opening might be possible in the script on backdrop of strong results
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