Bullish Breakout in Castrol India Ltd: Falling Wedge Pattern Con

Dec 2, 2024

Castrol India Ltd has shown a strong bullish signal by breaking out of a falling wedge pattern on the daily chart. The breakout is accompanied by a significant surge in volume, confirming the strength of the move.

1. Suggested Trading Levels:
2. Entry: Near ₹220.34 (current breakout level).
   
3. Stop Loss (SL): ₹195.00 (below the breakout zone and support level).
   
4. Targets:
5. Target 1: ₹250.00 (initial resistance level).
   
6. Target 2: ₹280.00 (based on the height of the falling wedge added to the breakout point).
   

Rationale:

• Breakout Confirmation: The price has clearly broken out of the falling wedge pattern with strong volume, indicating bullish momentum.
  
• Stop Loss Placement: Below ₹195.00 ensures protection against false breakouts while respecting the wedge boundary.
  
• Target Calculation: The pattern's height provides a projection toward ₹280.00, with ₹250.00 as the intermediate resistance.