Shares of online food delivery provider Zomato Ltd are headed toward their fresh 52-week high, suggests technical analysis of the stock. The stock has climbed 77% in the last six months and gained 43% in three months. The stock has risen 16% since the firm announced its Q1 earnings. Zomato announced its Q1 earnings during market hours on August 3. Since then, the stock has gained Rs 13.59 or 16% from the August 2 closing level on BSE. Buoyed by the positive set of earnings, the stock zoomed 7.77% to a 52-week high of Rs 102.85 on August 7 against the previous close of Rs 95.43 on BSE.

In the previous session, the Zomato stock opened higher at Rs 98.49 on BSE. It hit an intraday high of Rs 98.49. It also slipped to a low of Rs 96.81 during the session. In a year, the stock has risen 55.57% and climbed 61.38% in 2023. The
stock hit a 52-week low of Rs 44.35 on January 25, 2023.
Total 33.23 lakh shares of Zomato changed hands amounting to a turnover of Rs 32.36 crore on BSE. The market cap of the firm rose to Rs 83,661 crore on BSE.

In terms of technicals, the relative strength index (RSI) of Zomato stock stands at 63.2, signaling it’s trading neither in the overbought nor in the oversold zone.
Zomato stock has a one-year beta of 1.5, indicating high volatility during the period. Zomato stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Here’s a look at what technical analysts said on the outlook of the stock Gaurav Bissa, VP, InCred Equities said, “Zomato witnessed a double bottom breakout on the weekly charts and confirmed the pattern after closing above the neckline placed at Rs 75 levels. Since then, the stock has been consistently
inching higher with formation of higher highs and higher lows implying the stock is in a strong uptrend. The stock has an immediate hurdle at Rs 100 levels and a close above this will trigger a breakout on candlestick charts as well as a bullish
abc pattern follow through breakout, which can push the stock towards Rs 112 levels.”