Zomato share price had made fresh breakout at ₹138 yesterday and today made a new all-time high of ₹149.20 breaching its previous high of ₹147.80
Zomato share price has shot up around 13 per cent in the last two trade sessions. The stock price today opened with a downside gap of ₹1.65 per equity share but soon started skyrocketing and climbed new lifetime high of ₹149.20 per equity share — around 13 per cent up from its close price of ₹132.25 on 1st September 2021. According to market experts, Zomato share price had made fresh breakout at ₹138 yesterday and it may continue to scale new peaks in upcoming trade sessions.
Speaking on the fundamentals that may support Zomato share price rally; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Zomato is in food delivery business and in the wake of unlock activities fast accelerating, its business is expected to catch momentum. Zomato has recently acquired 15 per cent stake in Grofers — an online grocery delivery service provider company. With this 15 per cent stake buy, market is expecting Zomato to enter in grocery delivery business and Zomato has strong data base of its customers that will help it read the customer behaviour through trend analysis." He said that the data base will enable Zomato in market segmentation once it enters grocery delivery business.
Advising Zomato shareholders to hold the counter further; Sumeet Bagadia, Executive Director at Choice Broking said, "One should hold the counter as it may go up to ₹150 in immediate-short-term."
On whether one can buy Zomato stocks at current levels; Ravi Singhal, Vice Chairman at GCL Securities said, "Zomato shares have given breakout at ₹138 yesterday. One can buy the counter at current market price for one month target of ₹177. However, one must maintain stop loss at ₹134." He said that the stock is facing minor hurdle near to its current lifetime high but may become highly bullish after giving breakout above ₹148 on closing basis.
Zomato share price is currently quoting ₹142 per equity share at NSE (at 11:56 AM).
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.