Hi Traders / Investors , This is a Swing / Positional Trade. I can see a bullish momentum in Zomato for following reasons :- 1) Resistance Level from ( 4 months ) got broke now acting as a Support. 2) Breakout with large bullish candle with increased Volumes. 3) As per Fibonacci , it is taking Support at 0.382 level which is good support with healthy retracement. 4) As per RSI indicator, it is above 60 level which is considered bullish.
Giving a Risk to Reward of 1:5 , with staggering returns upto 26% , Entry - 153 -154 level Stoploss - 145 level Target - 194 level
This is just an analysis so don't take any decisions solely based on this.
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