Zomato Limited (ZOMATO) Stock - Complete Technical Analysis - Sep 16, 2024

Zomato Stock Analysis: Bullish Trends, Resistance & Support Levels NSE Technical Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Welcome to our detailed technical analysis of Zomato Limited (ZOMATO). The stock is currently trading at 277.70, just 3.05% below its 52-week high of 286.45, and significantly above its 52-week low of 97.75, reflecting a 184.09% increase.

Starting with the support and resistance levels, the classic pivot point is at 253.14. The stock has crucial resistance at around 278.29, which aligns with its current price, and a stronger resistance at 306.04. For support, look at levels around 225.39, with additional support at 200.24.

Several key technical indicators are suggesting a mixed outlook. The RSI is in a relatively strong position, indicating that the stock is somewhat overbought, but not necessarily in the overbought territory. The MACD is positive, signaling bullish momentum, though it should be noted that the Awesome Oscillator is also showing positive momentum.

In terms of moving averages, the stock is trading above most short-term moving averages, such as the 10-day EMA of 267.97 and the 20-day EMA of 261.75. However, it's important to note that the Hull Moving Average is higher at 282.48, which could indicate a potential resistance level.

The average true range (ATR) suggests that volatility has been relatively high, with recent values indicating that price swings are considerable. The current candle pattern shows a Bullish Harami, signaling potential bullish reversal, although the Spinning Top pattern observed today indicates indecision in the market.

Overall, Zomato Limited shows strong momentum with some indicators suggesting bullish trends, but caution is advised due to the current overbought conditions and high volatility. Traders should watch for potential resistance around the current price level and monitor support levels for possible entry points.