Zomato Stock Plummets: Can It Find Support Amid Market Turmoil?

Zomato Ltd (NSE: ZOMATO) is under pressure, with its stock dropping to ₹216.80 in Monday’s session, a significant decline from its recent high of ₹304.85 in November 2024. This sharp correction reflects investor uncertainty as India’s markets face broader economic and sector-specific challenges. With increasing competition in the food delivery space and shifting consumer trends, Zomato’s stock trajectory remains a focal point for investors.

Zomato Stock Chart Analysis

Resistance Levels:

• ₹226.93: Immediate resistance. A break above this could suggest recovery potential.
• ₹241.21: Major resistance near the 10-day SMA.

Support Levels:

• ₹207.17: Key support, where buyers may step in to halt further losses.
• ₹171.70: Critical long-term support, aligning with the stock’s August lows.

Momentum Indicators:

• The RSI shows oversold conditions, suggesting the possibility of a near-term bounce.
• Price action below the 10-day SMA reflects bearish momentum.

What’s Next for Zomato Stock?

Zomato’s performance remains tied to its ability to improve profitability amid mounting competition and economic pressures. Investors will closely monitor its Q3 earnings report and any announcements regarding operational efficiencies or strategic initiatives. While the stock faces headwinds, key support levels may provide a floor for further declines.

The post Zomato Stock Plummets: Can It Find Support Amid Market Turmoil? appeared first in UK on InvestingCube.