Zomato cmp 172. Yesterday in the overall market panic it went down to test its 200 dema and posted a swing low of 146 and bounced back to close at 172. It formed a daily hammer candle with low near 200 dema.
Zomato is a very good example of understanding early stage rounding bottom, and importance of support (75 levels ) which later becomes resistance for some time and then again support and then a launchpad for a big move up. Now levels of 169 which was previous all time high is key level to watch for support/consolidation. disc: no positions. under watchlist.
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