Momentum Pick: Will Zomato’s 21% returns over a month and technical breakouts trigger another leg of rally?

July 4, 2024

Zomato shares surged 21% since June 4, outperforming the Sensex’s 11% rise. Analysts predict up to 20% additional gains. The stock hit a 52-week high of Rs 213.80, closing at Rs 208.15. Momentum indicators show shares trading above 50 and 200-day SMAs with a 1-year beta at 0.6. Axis Securities noted sustained buying activity and net profit.

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