Zomato share price tanks 14% in 2 days after Blinkit acquisition deal; should you buy, sell or hold-
时间:2024-06-26 09:46:55 阅读(143)
Zomato share price has tumbled nearly 15 per cent to Rs 60.45 apiece on BSE in two trading session after the online food delivery platform announced the acquisition of Blinkit (formerly known as Grofers) for Rs 4,447 crore in a share swap deal as part of its strategy of investing in quick commerce business. The stock has plunged over 64 per cent from its all time high of Rs 169 apiece.
Technical analysts say that Zomato stock looks absolutely weak on the technical charts.”From a technical perspective, the stock is now back below 50-DMA; and it is below all its key moving averages as well. RSI has marked a fresh 14-period low and is bearish,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.
Ravi Singh, VP & Head of Research, Share India Securities told FinancialExpress.com that the latest Zomato – Blinkit deal is not going to make any difference in the stock sentiments in near term as Blinkit is at an early stage and its business model is yet to be proven. “Investors are advised to refrain themselves from taking fresh buy positions at current levels,” Singh advised. He added that the stock may touch levels of 55 in the current scenario and any recent reversal in the trend looks unlikely.
Zomato stock price is down considerably as investors send a strong warning to the promoters of acquiring companies which could take a long time to break even thereby adding more pressure to their existing business margins, said an analyst. “Technically, till stock does not close above 80 on the daily chart, the trend is bearish. 52-56 remains a strong support zone,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com.
The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.
上一篇:OPEC, in contrast to IEA, sees lower 2022 oil demand growth
下一篇:Year ahead- Oil markets may remain volatile in 2024 also
猜你喜欢
- Tata Motors - A difficult drive in challenging terrain
- One year of LIC IPO- Shares still down 34% from listing price; should investors buy, sell, hold LIC stock now-
- Persistent FPI selloff weighs on rupee
- Paytm share price jumps 2%, recovers after crashing to record low as Macquarie sees threats from Jio Finance
- Paytm surges to a new 52-week high
- Tamilnad Mercantile Bank IPO fully subscribed
- Tata Motors share price skyrockets 9% despite net loss in Q4; targets cut but analysts remain bullish
- Paytm, ITC, Coal India, Hindustan Zinc, HDFC, Timken India, Aurobindo Pharma stocks in focus on F&O expiry
- OTT Special- From Rohit Shetty to Ram Madhvani, meet the directors set to shine on platforms in 2024