Chart Overview
The price has been moving inside a descending trendline (falling wedge–like structure) since its peak earlier this year. Currently, the stock is once again testing a strong horizontal support zone around ₹132–135, which has acted as demand multiple times in the past.
This confluence of major support + wedge bottom makes this zone important for a potential bullish reversal.
🟩 Bullish Argument:
This zone offers a potential bullish opportunity because:
Price is sitting at strong demand zone (132–135).
The falling wedge structure is typically a bullish pattern.
RSI oversold → Possible reversal territory.
MACD is setting up for a future bullish crossover.
Risk–reward becomes favorable near major support.
🟧 What Bulls Want to See
A bounce from the ₹132–135 zone.
A close above the recent minor swing high on the daily.
Breakout above the descending trendline for positional upside.
🟥 Invalidity (When Idea Fails)
A daily close below ₹130 with volume would weaken the bullish case.
That would indicate breakdown from support instead of reversal.
📈 Potential Targets (if reversal occurs)
T1: ₹145
T2: ₹155
T3: Trendline breakout → ₹165+
⚠️ Disclaimer
This is not financial advice; for educational purposes only. Always manage risk.
The price has been moving inside a descending trendline (falling wedge–like structure) since its peak earlier this year. Currently, the stock is once again testing a strong horizontal support zone around ₹132–135, which has acted as demand multiple times in the past.
This confluence of major support + wedge bottom makes this zone important for a potential bullish reversal.
🟩 Bullish Argument:
This zone offers a potential bullish opportunity because:
Price is sitting at strong demand zone (132–135).
The falling wedge structure is typically a bullish pattern.
RSI oversold → Possible reversal territory.
MACD is setting up for a future bullish crossover.
Risk–reward becomes favorable near major support.
🟧 What Bulls Want to See
A bounce from the ₹132–135 zone.
A close above the recent minor swing high on the daily.
Breakout above the descending trendline for positional upside.
🟥 Invalidity (When Idea Fails)
A daily close below ₹130 with volume would weaken the bullish case.
That would indicate breakdown from support instead of reversal.
📈 Potential Targets (if reversal occurs)
T1: ₹145
T2: ₹155
T3: Trendline breakout → ₹165+
⚠️ Disclaimer
This is not financial advice; for educational purposes only. Always manage risk.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.