Bharti Hexacom is at a crucial technical juncture. The repeated support around ₹1,410 and improving volume indicate accumulation, while the stock is testing a long-standing falling trendline. A convincing breakout above ₹1,550 could trigger a fresh medium-term rally, whereas failure at this level may lead to another pullback toward the support zone. Patience for confirmation is advisable before initiating new positions.
The chart shows that Bharti Hexacom is attempting to reverse its medium-term downtrend after several months of lower highs and lower lows.
1. Long-Term Downtrend Still in Place
The descending trendline (red dotted line) has acted as resistance multiple times.
The stock has been rejected from this trendline on at least three occasions (marked by red arrows).
The current rally has once again brought the price close to this important resistance.
Key Level: Around ₹1,530–₹1,550.
2. Strong Support Formation
The stock has repeatedly found support near ₹1,410–₹1,430.
This support has been tested three times (green arrows), indicating:
Buyers are consistently defending this zone.
Previous swing low is acting as a strong demand area.
Formation resembles a Triple Bottom/Base Formation.
This significantly increases the probability of an upside breakout if resistance is crossed.
4. Moving Average Analysis
20-Day SMA (~₹1,473): Price is trading above it.
200-Day SMA (~₹1,640): Still above the current price.
This means:
Short-term trend: Turning positive.
Long-term trend: Yet to turn bullish.
Crossing the 200-Day SMA would further strengthen the bullish case.
5. Trading Setup
Bullish Scenario
A daily close above ₹1,540–₹1,550 with strong volume would indicate:
Trendline breakout.
End of lower-high pattern.
Beginning of a fresh uptrend.
Possible upside targets:
₹1,620
₹1,680
₹1,740
₹1,820 (major resistance)
Bearish Scenario
If the stock fails near the trendline:
Profit booking may emerge.
Price could revisit the support zone around ₹1,430–₹1,450.
A break below ₹1,405 would weaken the bullish structure.
Overall View
Bias: Neutral to Bullish
Positives
Strong multi-month support.
Rising volumes.
Price above short-term moving average.
Breakout attempt in progress.
Concerns
Major descending trendline resistance overhead.
Price still below the 200-Day SMA.
Breakout confirmation is pending.
The chart shows that Bharti Hexacom is attempting to reverse its medium-term downtrend after several months of lower highs and lower lows.
1. Long-Term Downtrend Still in Place
The descending trendline (red dotted line) has acted as resistance multiple times.
The stock has been rejected from this trendline on at least three occasions (marked by red arrows).
The current rally has once again brought the price close to this important resistance.
Key Level: Around ₹1,530–₹1,550.
2. Strong Support Formation
The stock has repeatedly found support near ₹1,410–₹1,430.
This support has been tested three times (green arrows), indicating:
Buyers are consistently defending this zone.
Previous swing low is acting as a strong demand area.
Formation resembles a Triple Bottom/Base Formation.
This significantly increases the probability of an upside breakout if resistance is crossed.
4. Moving Average Analysis
20-Day SMA (~₹1,473): Price is trading above it.
200-Day SMA (~₹1,640): Still above the current price.
This means:
Short-term trend: Turning positive.
Long-term trend: Yet to turn bullish.
Crossing the 200-Day SMA would further strengthen the bullish case.
5. Trading Setup
Bullish Scenario
A daily close above ₹1,540–₹1,550 with strong volume would indicate:
Trendline breakout.
End of lower-high pattern.
Beginning of a fresh uptrend.
Possible upside targets:
₹1,620
₹1,680
₹1,740
₹1,820 (major resistance)
Bearish Scenario
If the stock fails near the trendline:
Profit booking may emerge.
Price could revisit the support zone around ₹1,430–₹1,450.
A break below ₹1,405 would weaken the bullish structure.
Overall View
Bias: Neutral to Bullish
Positives
Strong multi-month support.
Rising volumes.
Price above short-term moving average.
Breakout attempt in progress.
Concerns
Major descending trendline resistance overhead.
Price still below the 200-Day SMA.
Breakout confirmation is pending.
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.