Zomato CMP:174.20; RSI: 66.50;
Short Term View: Zomato has completed 5th wave and entered in ABC pattern correction. This short term momentum will fizzle out in 1 week time frame, before that the script may show price of 181-182 levels, and eneter in wave-C correction phase.
Mid Term View: Script will break down and fall below Rs: 158 in months time. Accumulate the script between 156 to 144 levels. for next round of upmove to a level of 188- 199-220.
Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance
Short Term View: Zomato has completed 5th wave and entered in ABC pattern correction. This short term momentum will fizzle out in 1 week time frame, before that the script may show price of 181-182 levels, and eneter in wave-C correction phase.
Mid Term View: Script will break down and fall below Rs: 158 in months time. Accumulate the script between 156 to 144 levels. for next round of upmove to a level of 188- 199-220.
Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance
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Wave B bounce back was strong and took the script to breach the Mid Term Target of 199; avg monthly Volumes are constant. As the script is in corrective wave pattern a sudden reversal in setiment will take the script tumbling below 170 odd levels. should keep the strickt stop loss 178;