Zomato share price extended its correction on Tuesday morning, falling another 5% over and above the 27% correction the stock has seen in recent days. On the opening bell, Zomato share price was down at a new 52-week low of Rs 84.1 per share.
Analysts at Kotak Securities have advised investors to buy Zomato stock, taking advantage of the steep correction. “Sharp decline in the stock price of Zomato seems to be tracking the decline in prices of global tech stocks. There is no change in our fundamental view on Zomato and we retain BUY rating,” they said. Kotak Securities has pinned a fair value of Rs 170 apiece on Zomato.
Nifty support at 16750-16800
On Monday, the US markets finished higher, with bargain hunters driving the indices into positive territory at the closing bell. Investors are anxious about the situation in Ukraine, and the outcome of the Fed’s scheduled policy review, thus Asian markets were trading in the red on Tuesday. Our research suggests that the levels of 16800-16750 may act as important support levels in the market. If the market sustained above the levels of 16800, We can expect the market to trade in the range of 16800-17300.
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