Wave 5 still in progress for ZOMATO Ltd, Trading at important Price Support level (50% FIBO)
“From an exuberance at the time of listing last year, Zomato is now unloved, “Blinkit acquisition elongates path to profitability and despite management guidance on a break-even in food delivery, investors are not giving much benefit of doubt.Is it a right time to BUY Zomato shares at the current level ?, As an investor one should wait till 38 to 36.6 odd levels (FIBO 61.8%).
Shares of the food ordering platform slumped more than 7% to a record low of Rs 44.1 apiece as of 10:00 am on Tuesday. This is the second straight day of the stock hitting a new low. It fell 14% intraday on Monday. The decline comes after the lock-in period ended for investors who owned stakes in the company before its initial public offering. The stock has declined more than 40% since its debut
Incorporated in 2010, Zomato Limited is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others.
As of December 31, 2020, Zomato has established a strong footprint across 23 countries with 131,233 active food delivery restaurants, 161,637 active delivery partners, and an average monthly food order of 10.7 million customers.
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