Eternal shares jump 35% in 3 months, 11% in a week; why analysts see more upside ahead
Eternal shares have rallied 35% in three months and 11% in a week. Analysts remain bullish on Blinkit's growth, technical breakout and the impact of Zepto IPO.
- Jul 2, 2026,
- Updated Jul 2, 2026 1:23 PM IST
Brokerage firms continue to remain positive on Eternal Ltd (formerly known as Zomato) which has gained as much as 35 per cent from its 52-week low hit nearly 3 months ago, while the stock has gained 11 per cent in the last one week. Market experts see more upside in the stock ahead of its quarterly earnings and IPO of peer Zepto.
Analysts turned bullish on the stock, citing both strong fundamentals and improving technical indicators. Eternal remains on analysts' radar as both its business outlook and technical setup continue to strengthen. The company's Blinkit business is seen as well-positioned to benefit from India's long-term quick commerce growth despite intensifying competition.
While Zepto IPO offers an exciting avenue to trade hyper growth, it carries notable execution risk due to high cash burn and intensifying competitive pressure from giants like Amazon, Flipkart and JioMart. Platforms with strong execution and balance sheet are likely to be the key beneficiaries in a market where competition remains intense and new entrants continue to invest heavily, said Anand Rathi.
"Quick Commerce is no longer a luxury service; it is a permanent structural shift in urban retail. We believe Blinkit is structurally well-positioned in this space to handle the heat on the back of clear scale advantage with strong customer retention without relying on heavy discounts. We maintain 'buy' rating on Eternal with a target of Rs 400," it added.
Shares of Zepto rose more than 2 per cent to Rs 286 on Thursday, with its market capitalization at Rs 2.75 lakh crore. The stock has surged 34.6 per cent from its 52-week low at Rs 212.55 hit in March 2026, while the stock has gained 10.8 per cent from level at Rs 258 a week ago. However, the stock is down 22 per cent from 52-week high at Rs 368.40 hit in October 2025.
Eternal has witnessed a decisive breakout above a downward-sloping trendline near the Rs 250 level, followed by a successful retest around Rs 237, indicating a strengthening bullish setup. The stock is currently trading above all key DEMAs, reinforcing the positive trend, while the 14-day RSI suggests neutral-to-bullish momentum with room for more upside, said Canara Bank Securities.
Trading volumes have remained significantly above the 10-day average, reflecting strong investor participation. It sees the Rs 290-308 zone as the next major resistance, while Rs 253-235 is expected to act as the immediate support range, it added. Canara Bank Securities has recommended a 'buy' on the stock with a short-term target of Rs 275-291 and a stop loss at Rs 247.
On the charts, the stock has broken above key resistance levels and is trading above major moving averages, supported by improving momentum indicators and strong trading volumes. However, some expect brief consolidation after the recent sharp rally, making any dips attractive buying opportunities.
Eternal has turned technically positive after breaking above a key falling trendline connecting the highs of October 2025 and February 2026, signalling a reversal of its corrective phase and offering a fresh buying opportunity, said Bajaj Broking Research. It noted that the stock has also witnessed a bullish crossover of the 20-day and 50-DEMAs, indicating strengthening momentum.
After consolidating in the Rs 235-265 range over the past nine weeks, Bajaj Broking expects the stock to resume its uptrend as the consolidation nears completion. It sees immediate support at Rs 235-240, while the stock could move towards Rs 290 over the coming months. A bullish MACD crossover further supports the improving momentum and positive outlook, Bajaj Broking said.
Eternal has rallied more than 25 per cent since the 16 March low near Rs 212 and recently posted a range breakout above last month’s peak, accompanied by a bullish MACD crossover. It is trading around its 200‑day SMA and the daily RSI is approaching overbought territory, indicates strong upward momentum, said Laxmikant Shukla, Technical Research Analyst at YES Securities.
"There is possibility of short-term consolidation after the sharp move. For traders, dips into the Rs 268–270 zone offer a better risk‑reward entry. A sustained move above Rs 280 would increase the likelihood of an advance toward Rs 300. The bullish view remains valid provided Rs 255 holds as a support level," he added.
Brokerage firms continue to remain positive on Eternal Ltd (formerly known as Zomato) which has gained as much as 35 per cent from its 52-week low hit nearly 3 months ago, while the stock has gained 11 per cent in the last one week. Market experts see more upside in the stock ahead of its quarterly earnings and IPO of peer Zepto.
Analysts turned bullish on the stock, citing both strong fundamentals and improving technical indicators. Eternal remains on analysts' radar as both its business outlook and technical setup continue to strengthen. The company's Blinkit business is seen as well-positioned to benefit from India's long-term quick commerce growth despite intensifying competition.
While Zepto IPO offers an exciting avenue to trade hyper growth, it carries notable execution risk due to high cash burn and intensifying competitive pressure from giants like Amazon, Flipkart and JioMart. Platforms with strong execution and balance sheet are likely to be the key beneficiaries in a market where competition remains intense and new entrants continue to invest heavily, said Anand Rathi.
"Quick Commerce is no longer a luxury service; it is a permanent structural shift in urban retail. We believe Blinkit is structurally well-positioned in this space to handle the heat on the back of clear scale advantage with strong customer retention without relying on heavy discounts. We maintain 'buy' rating on Eternal with a target of Rs 400," it added.
Shares of Zepto rose more than 2 per cent to Rs 286 on Thursday, with its market capitalization at Rs 2.75 lakh crore. The stock has surged 34.6 per cent from its 52-week low at Rs 212.55 hit in March 2026, while the stock has gained 10.8 per cent from level at Rs 258 a week ago. However, the stock is down 22 per cent from 52-week high at Rs 368.40 hit in October 2025.
Eternal has witnessed a decisive breakout above a downward-sloping trendline near the Rs 250 level, followed by a successful retest around Rs 237, indicating a strengthening bullish setup. The stock is currently trading above all key DEMAs, reinforcing the positive trend, while the 14-day RSI suggests neutral-to-bullish momentum with room for more upside, said Canara Bank Securities.
Trading volumes have remained significantly above the 10-day average, reflecting strong investor participation. It sees the Rs 290-308 zone as the next major resistance, while Rs 253-235 is expected to act as the immediate support range, it added. Canara Bank Securities has recommended a 'buy' on the stock with a short-term target of Rs 275-291 and a stop loss at Rs 247.
On the charts, the stock has broken above key resistance levels and is trading above major moving averages, supported by improving momentum indicators and strong trading volumes. However, some expect brief consolidation after the recent sharp rally, making any dips attractive buying opportunities.
Eternal has turned technically positive after breaking above a key falling trendline connecting the highs of October 2025 and February 2026, signalling a reversal of its corrective phase and offering a fresh buying opportunity, said Bajaj Broking Research. It noted that the stock has also witnessed a bullish crossover of the 20-day and 50-DEMAs, indicating strengthening momentum.
After consolidating in the Rs 235-265 range over the past nine weeks, Bajaj Broking expects the stock to resume its uptrend as the consolidation nears completion. It sees immediate support at Rs 235-240, while the stock could move towards Rs 290 over the coming months. A bullish MACD crossover further supports the improving momentum and positive outlook, Bajaj Broking said.
Eternal has rallied more than 25 per cent since the 16 March low near Rs 212 and recently posted a range breakout above last month’s peak, accompanied by a bullish MACD crossover. It is trading around its 200‑day SMA and the daily RSI is approaching overbought territory, indicates strong upward momentum, said Laxmikant Shukla, Technical Research Analyst at YES Securities.
"There is possibility of short-term consolidation after the sharp move. For traders, dips into the Rs 268–270 zone offer a better risk‑reward entry. A sustained move above Rs 280 would increase the likelihood of an advance toward Rs 300. The bullish view remains valid provided Rs 255 holds as a support level," he added.