Zomato Share Price Rises 0.85% Amid Nifty’s 0.14% Decline | Today’s Stock Market Update

Baishakhi Mondal

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NBCC India Shares Surge 2.8% Amid Nifty's 0.87% Decline | Market Update

Zomato Share Price Update – October 11, 2023

As of 16:00 on October 11, 2023, Zomato shares are priced at 277.5, reflecting a modest increase of 0.85% compared to the previous closing price. In the broader market, the Sensex is currently trading at 81,381.36, experiencing a decline of 0.28%. Throughout the trading day, Zomato stock has recorded a high of 278.8 and a low of 275.5.

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Technical Analysis

From a technical perspective, Zomato is trading above its 5, 10, 50, 100, and 300-day Simple Moving Averages (SMA), but is currently below the 20-day SMA. This suggests a mixed outlook, with the potential for upward momentum if it can surpass the 20-day SMA, which will act as a resistance level.

SMA and Pivot Levels

The specific SMA values for Zomato have proven to be pivotal in determining its price movement.

Pivot level analysis reveals significant resistance points at 278.87, 280.68, and 282.37. Conversely, the stock has key support levels at 275.37, 273.68, and 271.87. Traders should keep an eye on these levels for potential breakout opportunities.

Investment Outlook

Analysts have forecasted a potential upward movement for Zomato shares, estimating a 1-year target price of 287.00, which represents a bullish upside of approximately 3.42%. This prediction indicates confidence in Zomato’s ability to recover and grow amid fluctuating market conditions.

Shareholding Patterns

In terms of ownership, Zomato currently has a promoter holding of 0.00%, a mutual fund (MF) holding of 2.18%, and a foreign institutional investor (FII) holding of 46.13%, as per the latest filings for the June quarter.

Notably, the MF holding saw a slight decline from 2.25% in March to 2.18% in June, indicating a cautious approach from mutual funds. Additionally, FII participation decreased from 47.00% to 46.13%, which could reflect broader market sentiments around international investments in Indian stocks.

Market Position

Today’s trading performance shows Zomato’s resilience, gaining 0.85% to trade at 277.5, aligning well with its peers in the sector. Despite the overall market pressure, with benchmark indices Nifty and Sensex down by 0.14% and 0.28%, respectively, Zomato’s developments signal potential strength in the face of adversities. Investors may view this as a positive indicator of stock stability and future growth opportunities.

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