The chart is showing a range breakout structure, where price has been consolidating between a clear support zone (₹1,000) and resistance (₹1,600). Recently, the stock has broken above the resistance zone, which is a strong bullish sign. This kind of breakout after a long consolidation usually leads to a fresh trending move. The price is now sustaining above the breakout level, which is crucial for continuation.
Volume analysis supports the breakout. During the consolidation phase, volumes were relatively stable, indicating accumulation. As the price approached and broke the resistance zone, volumes showed improvement, suggesting genuine buying interest. This increase in volume during breakout adds reliability to the move.
The measured move shown on the chart (₹600 range) gives a potential upside target near ₹2,200, which aligns with the marked target zone. This is based on the height of the range projected upwards after breakout.
Trade Setup 🎯
Entry: Around ₹1,620–₹1,650 (on retest or breakout strength)
Stop Loss: ₹1,500
Target: ₹2,150–₹2,200
As long as price sustains above the breakout zone, the structure remains bullish. Any retest of the breakout level can offer a good risk-reward entry.
Disclaimer: This is for educational purposes only and not an investment advice. Please consult your financial advisor before making any investment decisions.
Volume analysis supports the breakout. During the consolidation phase, volumes were relatively stable, indicating accumulation. As the price approached and broke the resistance zone, volumes showed improvement, suggesting genuine buying interest. This increase in volume during breakout adds reliability to the move.
The measured move shown on the chart (₹600 range) gives a potential upside target near ₹2,200, which aligns with the marked target zone. This is based on the height of the range projected upwards after breakout.
Trade Setup 🎯
Entry: Around ₹1,620–₹1,650 (on retest or breakout strength)
Stop Loss: ₹1,500
Target: ₹2,150–₹2,200
As long as price sustains above the breakout zone, the structure remains bullish. Any retest of the breakout level can offer a good risk-reward entry.
Disclaimer: This is for educational purposes only and not an investment advice. Please consult your financial advisor before making any investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.