Eternal Shares Show Bullish Candlestick Patterns: SEBI RA Rohit Mehta Flags Next Resistance At ₹304.45

Shares of Eternal (ETERNAL), formerly known as Zomato, could be driven by bullish technical indicators, robust fundamentals and favorable sectoral tailwinds, according to SEBI-registered analyst Rohit Mehta.

At the time of writing, Eternal shares were down 2.45% at ₹255.48.

On a technical front, Mehta noted strong bullish candlestick patterns with volume spike, indicating a breakout. Its last consolidation zone at ₹239-243 is now acting as support after the breakout.

Mehta added that the stock's next resistance could come at an all-time high of ₹304.45. If the stock closes above ₹265, it could build enough momentum to test this resistance zone.

The analyst noted that the outperformance reflects strong relative strength and suggests the potential for continued upward momentum.

Eternal has consistently improved its quarterly revenue and EBITDA margins, with bottom-line growth supported by effective cost optimization and enhanced operating efficiency. The company is virtually debt-free.

Mehta also noted that favorable macroeconomic trends in the company's core industry are driving growth, with a revival in demand and stronger pricing power benefiting companies like Eternal.

However, the stock is currently trading at 8.34 times its book value.

On Stocktwits, retail sentiment was 'bullish' amid 'high' message volume.

Eternal shares have surged 23.88% year-to-date, outperforming the Nifty 50 index's 5.31% gain. 

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