**Technical Pattern & Structure:**
Breakout Observed: The stock has **broken above a horizontal resistance zone** (293-294), which had acted as a cap multiple times in the past.
Chart Pattern: Appears to be a **broadening wedge** or **expanding triangle** (purple trendlines), within which price had been fluctuating for months.
Consolidation Zone: Between ₹270–₹300. Price broke out of this zone with strength.
---
**Support and Resistance:**
* **Immediate Support:** ₹310 (previous resistance turned support)
* **Strong Support:** ₹275 (bottom of recent consolidation)
* **Next Resistance Levels:**
* ₹345-347 (Trendline Intersction)
* ₹375-380 (strong horizontal resistance)
---
**Indicators:**
* **RSI (14):** \~68.47
* Approaching overbought territory but still has room for upside.
* Indicates strong bullish momentum but caution is needed for potential short-term correction.
* **Volume Analysis:**
Volume surged on the breakout day, confirming the strength and validity of the move.
---
**Caution:**
* RSI nearing overbought could cause short-term pullbacks.
* Profit booking may occur near the ₹345–₹350 range.
* Overall market sentiment should also be considered.
---
Breakout Observed: The stock has **broken above a horizontal resistance zone** (293-294), which had acted as a cap multiple times in the past.
Chart Pattern: Appears to be a **broadening wedge** or **expanding triangle** (purple trendlines), within which price had been fluctuating for months.
Consolidation Zone: Between ₹270–₹300. Price broke out of this zone with strength.
---
**Support and Resistance:**
* **Immediate Support:** ₹310 (previous resistance turned support)
* **Strong Support:** ₹275 (bottom of recent consolidation)
* **Next Resistance Levels:**
* ₹345-347 (Trendline Intersction)
* ₹375-380 (strong horizontal resistance)
---
**Indicators:**
* **RSI (14):** \~68.47
* Approaching overbought territory but still has room for upside.
* Indicates strong bullish momentum but caution is needed for potential short-term correction.
* **Volume Analysis:**
Volume surged on the breakout day, confirming the strength and validity of the move.
---
**Caution:**
* RSI nearing overbought could cause short-term pullbacks.
* Profit booking may occur near the ₹345–₹350 range.
* Overall market sentiment should also be considered.
---
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.