Shares of Zomato Ltd continued to rise for the second straight session in Friday's trade. The stock surged 4.80 per cent to scale its lifetime high of Rs 173.45 over a previous close of Rs 165.50. The multibagger stock has rallied more than 200 per cent in the past one year.
The majority of analysts said that, considering the company’s own success and Blinkit’s, the counter appeared “bullish.”
“In the medium run, the stock can move closer to the Rs 200 region. The counter should first encounter resistance between Rs. 175 and Rs. 178. Although there are bullish tendencies, one should adopt a realistic outlook. Maintain your booking profit at roughly Rs. 175–180. Traders can build up positions in the stock with an aim of Rs 200 if it falls below Rs 165–160, according to Osho Krishan, Senior Research Analyst, Technical & Derivatives at Angel One, stated
For the ensuing years, Zomato appeared to be a steadily rising tale. The food aggregator on the internet has refined its model. In addition to adding new segments, Blinkit is now operating at full capacity. We believe that the stock has room to grow,” Ventura Securities Head of Research Vinit Bolinjkar stated.
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