BEL has been in a strong uptrend, consistently making higher highs and holding well above its long-term moving average. The broader structure remains firmly bullish.
Earlier, the stock went through a controlled pullback inside a falling channel before breaking out and rallying sharply. Since that move, price has not given back gains and is now consolidating near the highs, forming a clear base.
This type of sideways movement after a strong impulse often signals strength and accumulation, as supply gets absorbed before the next move.
Levels to Watch
₹470 – Range resistance and breakout trigger
₹420–430 – Mid-range support within the base
₹370–380 – Major demand zone and structure support
Trade Idea
A clean break and hold above ₹470 could trigger the next momentum leg higher.
For positional traders and investors, the structure remains constructive as long as price holds above the demand zone.
Stop Loss: Below ₹365, which would break the consolidation structure and invalidate the setup.
For now, this looks like healthy consolidation after a strong move, with the broader trend still pointing higher.
Interested to see how others are reading this structure. Do you see continuation from here, or more consolidation before the next move?
Earlier, the stock went through a controlled pullback inside a falling channel before breaking out and rallying sharply. Since that move, price has not given back gains and is now consolidating near the highs, forming a clear base.
This type of sideways movement after a strong impulse often signals strength and accumulation, as supply gets absorbed before the next move.
Levels to Watch
₹470 – Range resistance and breakout trigger
₹420–430 – Mid-range support within the base
₹370–380 – Major demand zone and structure support
Trade Idea
A clean break and hold above ₹470 could trigger the next momentum leg higher.
For positional traders and investors, the structure remains constructive as long as price holds above the demand zone.
Stop Loss: Below ₹365, which would break the consolidation structure and invalidate the setup.
For now, this looks like healthy consolidation after a strong move, with the broader trend still pointing higher.
Interested to see how others are reading this structure. Do you see continuation from here, or more consolidation before the next move?
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.