Right now, it is completing a descending trendline breakout, which is a bullish pattern.
The stock has been consolidating for the past 4 months in a corrective phase and is now attempting a strong breakout.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price sustains above the breakout level, there is a high probability that the stock will reach the ₹1,922 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹1,463, we can achieve the target with
Risk: Reward :: 1 : 2.63.
Support Levels:
🔹 ₹1,315 – Strong support zone
🔹 ₹1,182 – 50% Fibonacci retracement support
🔹 ₹1,007 – 61.8% Fibonacci support level (Golden Ratio)
Resistance Levels:
🔹 ₹1,482 – Immediate breakout level
🔹 ₹1,573 – Fibonacci 23.6% retracement resistance
🔹 ₹1,922 – Final target zone
Reasons:
✅ Consolidation for 4 months, leading to a strong breakout setup
✅ Descending Trendline Breakout
✅ Support at ₹1,315 holding strong
✅ Wait for RSI to cross 65 for confirmation
✅ Successful breakout attempt after a corrective phase
✅ High volume surge, indicating strong buying interest
✅ Price > 50-day & 200-day EMA (bullish signal)
Verdict:
Bullish
Plan of Action:
Enter once the breakout is confirmed to the upside.
BUY: ₹1,463
Stoploss: ₹1,315
Target: ₹1,922
Trailing SL: ₹50
The stock has been consolidating for the past 4 months in a corrective phase and is now attempting a strong breakout.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price sustains above the breakout level, there is a high probability that the stock will reach the ₹1,922 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹1,463, we can achieve the target with
Risk: Reward :: 1 : 2.63.
Support Levels:
🔹 ₹1,315 – Strong support zone
🔹 ₹1,182 – 50% Fibonacci retracement support
🔹 ₹1,007 – 61.8% Fibonacci support level (Golden Ratio)
Resistance Levels:
🔹 ₹1,482 – Immediate breakout level
🔹 ₹1,573 – Fibonacci 23.6% retracement resistance
🔹 ₹1,922 – Final target zone
Reasons:
✅ Consolidation for 4 months, leading to a strong breakout setup
✅ Descending Trendline Breakout
✅ Support at ₹1,315 holding strong
✅ Wait for RSI to cross 65 for confirmation
✅ Successful breakout attempt after a corrective phase
✅ High volume surge, indicating strong buying interest
✅ Price > 50-day & 200-day EMA (bullish signal)
Verdict:
Bullish
Plan of Action:
Enter once the breakout is confirmed to the upside.
BUY: ₹1,463
Stoploss: ₹1,315
Target: ₹1,922
Trailing SL: ₹50
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.