Technical Insights: CROMPTON

Current Price Action
Crompton Greaves (CROMPTC) is trading at ₹393.55, experiencing a slight correction of -2.72% for the day. The stock has been oscillating within well-defined trendlines, showcasing pivotal support and resistance levels.


Key Technical Levels

Resistance Zones:

• ₹440.35: A significant resistance level from recent highs.
  
• ₹479.15: A long-term resistance that aligns with historical peaks.
  

Support Zones:

• ₹384.25: Immediate support, currently being tested.
  
• ₹362.35 & ₹348.80: Critical levels to watch if the stock breaks below the ascending trendline.
  

Trendlines:

• Long-Term Support: The yellow upward-sloping trendline has held since early 2023, reflecting steady bullish accumulation.
  

• Descending Resistance: The downward sloping line from 2021 highs signifies major resistance. The stock's ability to break and sustain above this line will confirm a trend reversal.
  

Market Structure

The broader structure indicates that the stock is at a decisive juncture:

• Bullish View: Sustained price action above ₹400 could lead to a breakout rally toward ₹440 and higher.
  
• Bearish View: A breakdown below ₹384 could accelerate the fall to ₹362 or ₹348 levels.
  

Trading Outlook

• Buyers: Look for a breakout above ₹400 with strong volume as confirmation of bullish momentum.
  
• Sellers: Consider short opportunities if the price slips below ₹384 with significant volume.