Zomato’s stock is exhibiting a bullish pattern after a prolonged consolidation phase, with potential upside of up to 45%. The company’s improving fundamentals are likely to support its rise. Although Zomato’s 12-month returns of 14.7% were a touch short of Nifty50’s 15.8%, its shares have recaptured important simple moving averages. According to Rajesh Palviya of Axis Securities, the shares have been trading in a range between Rs 80 and Rs 40, with a “triangular” pattern formed on the weekly chart. Kotak Institutional Equities and top brokerages also have a “buy” stance on the stock.
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