Zomato Share Price: Alibaba offloads stocks worth $200 million; Should you buy? Check make and break levels

Zomato stock is in news today as Chinese behemoth Alibaba is selling its shares worth USD 200 million in Zomato via a block deal. Ant Financial and Alipay will bring down their stake in the Deepinder Goyal-run food delivery unicorn to about 10 per cent from the current 13 per cent, reported IANS citing a media report.

The stock was trading at Rs 63.90 on the NSE, up Rs 0.35 or 0.55 per cent around 10:45 am on Wednesday.

Market Expert Ambarish Baliga told Zee Business that the right valuation to enter this stock is between Rs 45-50. He said that the stock may not go down today on account of block deal.

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Alibaba is selling its stake at Rs 60 per share.

His advice to investors is to not buy this stock at current levels. He said that it is better for investors to wait for levels of Rs 50.

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Technical Check

Another expert Rakesh Bansal sees Rs 57 as an important level for the counter. He said that the stocks could be purchased for the stop loss of Rs 57. He called this as a “make or break level” and he sees that this level is unlikely to breach. New investments can be done at gap downs, he further said.

Price Movement

Source: NSE

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)