Zomato Shares Down 1.01% at ₹219.98

Shares of Zomato (Eternal Ltd.) fell by 1.01% at ₹219.98 on April 16, a decline of ₹2.25 from the previous day. The fall can be attributed to volatility in the broader markets and sectoral woes concerning the online food delivery space.

Though Zomato has a strong presence in the online food delivery space, concerns pertaining to heightened competition, profitability and intense regulatory pressures have dampened investor’s appetite for the stock.

Technical outlook

The stock faces near-term support at ₹218, with resistance level capped at ₹223.50. An increase above ₹223.50 could indicate an upward momentum. However, the stock may decline if the value breaks below ₹218, testing lower levels.