Zomato share price tanks 14% in 2 days after Blinkit acquisition deal; should you buy, sell or hold-
时间:2024-09-29 04:34:56 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:Share Market Highlights- Nifty settles above 18100, Sensex below 61000; Axis Bank, Tata Steel drag
下一篇:Women-led development, by India’s women-led enterprises – a key piece of $5 trillion goal
猜你喜欢
- Stocks edge mostly higher ahead of midterm elections in US
- Stock exchanges slap fines on IOC, ONGC, GAIL for failure to meet listing regulations
- Stocks to watch- Adani Green Solutions, Grasim Industries, Manappuram Finance, ASK Automotive
- Stocks To Watch- Jio Financial Services, TCS, Reliance Industries, Tata Consumer Products, Biocon, Lupin, REC
- FII DII data- FPI bought shares worth Rs 790
- Share Market Highlights- Nifty closes above 19350, Sensex jumps 270 pts; Bank Nifty above 45300, Bajaj twins gain, Eicher Motors falls
- Share Market HIGHLIGHTS- Bears pull indices in red; Sensex falls 700 pts, Nifty ends F&O expiry below 17600
- Stocks to watch- Sun Pharma, Jindal Stainless, Zee Entertainment, NBFCs
- Stocks to buy- Nifty may hit 16,050, Bank Nifty 35,700 in near-term; charts show HDFC Life, others may rally