Zomato listed today with more than 65% return on its first day.
Volumes where very high and the share reached its highest point at Rs.138 in the opening hour
For 26th July, 2021
Resistance Zone-
1st Resistance is at 128
If first resistance is broken we can see the share reaching 132 + levels again
2nd Resistance is at 138 which is mostly unlikely to be broken
Support Zone-
1st major support is at Rs 123 levels
if it breaches 123 with a big bearish candle then it can fall upto 118
2nd major support is present at Rs116
Stock fundamentals are poor but it has a lot of hype which is driving the price at the moment
Definitely not a long term stock unless it posts profits but you can book intraday profits in case you can catch the volatility.
Volumes where very high and the share reached its highest point at Rs.138 in the opening hour
For 26th July, 2021
Resistance Zone-
1st Resistance is at 128
If first resistance is broken we can see the share reaching 132 + levels again
2nd Resistance is at 138 which is mostly unlikely to be broken
Support Zone-
1st major support is at Rs 123 levels
if it breaches 123 with a big bearish candle then it can fall upto 118
2nd major support is present at Rs116
Stock fundamentals are poor but it has a lot of hype which is driving the price at the moment
Definitely not a long term stock unless it posts profits but you can book intraday profits in case you can catch the volatility.