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.
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.
