Stock name: Zomato

Pattern: Fibonacci resistance

Time frame: NA

Observation:

Zomato has been in a downtrend since its listing and is currently in the same down trend.
Recently it tried to go up but is facing a resistance at 38.2% Fibonacci level of the latest down swing.
The volumes have also increased in the recent days.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q3 results update: Fine Organics
Consolidated revenue 17% down QoQ
Consolidated PBT 40% down QoQ

2) CE Info Systems acquired 20% stake in Indrones Solutions Pvt. Ltd.

3) Yahoo said on Thursday that it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad tech division.

4) After a record budgetary allocation, the ministry of railways has plans to acquire new rolling stock worth over Rs. 1.87 trillion in the upcoming financial year, according to the national transporter's annual rolling stock programme for 2023-24. This plan includes 300 Vande Metro trains, 1,000 eight-coach Vande Bharat trains, 35 hydrogen trains and locomotives for freight augmentation in FY24.

5) Avanti Feeds, Balkrishna Industries, Balrampur Chini, City Union Bank, Coffee Day, Galaxy Surfactants, HLE Glasscoat, HP Adhesives, Jain Irrigation, JBM Auto, Kiri Industries, Navkar Corp., NRB Bearings, Sah Polymers, Titagarh Wagons, United Drilling, Usha Martin and Uttam Sugar are amongst the companies which will post their quarterly results tomorrow.