Short-term technical analysis of Zomato (NSE: ZOMATO)

Chart Pattern & Technical Structure: Current Price: ₹223.05, Chart Type: 2-hour candle

"Pattern Observed: Falling parallel channel formation"

Recent Action: Price recently touched the upper trendline of the descending channel, indicating resistance.

Bearish Wave Count: Looks like the price has completed a corrective wave up and could be entering the next leg down in the structure.

Next Support Zone: Lower channel boundary is around ₹190, making it a realistic downside target if the bearish leg continues.

📉 Expectations:
As long as Zomato respects the upper channel resistance, the short-term bias is bearish.

If momentum confirms with breakdowns on lower timeframes or volume picks up on the downside, it can head toward ₹190 zone.

Keep an eye on volume spikes or breakdown candles for early confirmation.

🔁 Invalidation:
If the price breaks and sustains above the upper channel, especially above ₹230–₹235 with volume, the bearish thesis is invalidated.

That may signal strength and a possible breakout, targeting higher levels (₹250+).

🧠 Trading Viewpoint:
Short Positioning: Can be considered near current levels with a strict stop-loss above ₹235.

Target Zone: ₹190 (as per channel projection).

⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy/sell any security. Stock markets are subject to risks, and past performance is not indicative of future results. Please do your own research or consult a SEBI-registered financial advisor before making any trading decisions.