Zomato Share Price: Zomato’s stock has faced a roller-coaster ride ahead of its Q2 results, with the Zomato share price witnessing both gains and declines in today’s session. The stock opened with a slight surge at ₹267 per share, reaching an intraday high of ₹270.90. However, it couldn’t hold the momentum as profit booking kicked in, causing a dip. As of today, Zomato’s shares are trading flat, leaving investors questioning if this is a good time to buy or hold.
Why Zomato’s Stock is Struggling
Market Sentiment on Profit Growth
While Zomato is expected to report strong revenue growth in its Q2 results, the stock has come under selling pressure as investors booked profits after recent gains. Analysts expect robust revenue growth driven by Zomato’s food delivery and quick commerce verticals. However, the lack of sustained buying interest has kept the share price from gaining significant ground today.
Profit Booking Ahead of Q2 Results
Ahead of any major earnings announcement, it is common for traders to engage in profit booking. This is evident in Zomato’s case as high-risk traders have been locking in their gains, anticipating the Q2 results later today. This profit-booking trend has pushed the Zomato share price lower, creating a buying opportunity for long-term investors.
Expert Views on Zomato Share Price
Stock market experts remain cautiously optimistic about Zomato’s potential upside. According to Sumeet Bagadia, Executive Director at Choice Broking, Zomato’s share price has strong support at ₹240. He advises existing investors to hold their positions, targeting a price range of ₹290 to ₹300 in the short term. For new investors, accumulating shares during any big dip could prove beneficial, with a stop-loss at ₹240.
Mahesh M Ojha from Hensex Securities echoes this sentiment, suggesting that high-risk traders can look for an immediate target of ₹285, but only if they’re comfortable with short-term volatility.
Zomato’s Future Outlook
With the company expected to report revenue growth of 69% YoY, analysts predict a positive outlook for Zomato. The quick commerce vertical, along with improved EBITDA margins, are likely to enhance performance in the near future. However, the stock’s immediate trajectory will depend on how the market reacts to today’s Q2 results.
Should You Buy Zomato Shares Now?
For investors wondering whether Zomato share is a good buy at current levels, experts suggest a balanced approach. Given the current market volatility, holding existing positions while setting a strict stop-loss around ₹240 is advised. Long-term investors can consider accumulating shares on dips, keeping a close eye on Zomato’s Q2 earnings and market sentiment in the coming weeks.
Disclaimer: The opinions and suggestions shared in this article are those of individual analysts or brokerage firms, not SpeaksLY. We highly recommend that investors seek advice from certified financial professionals before making any investment decisions, as market trends can fluctuate and personal financial situations vary.
