Trend Structure:
The stock has been in a primary uptrend (marked with the blue ascending channel).
Recently, it went into a short-term retracement with a downward sloping trendline (white).
Support & Demand Zones:
Strong Bullish Order Block and FVG Discount Zone around the ₹1350 – ₹1400 level, where buyers are stepping in.
Price formed a Triple Bottom at this support, indicating strong demand and rejection of lower prices.
Pattern & Candlestick Structure:
Triple Bottom is a reversal pattern confirming that sellers are unable to push below ₹1350.
Current candles show bullish momentum, reclaiming above the retracement trendline.
Breakout:
Price has broken the short-term retracement trendline on the upside, signaling a potential end to the correction.
Fresh momentum is visible with today’s +3.70% rise, closing near ₹1478.
Volume:
Breakout accompanied with decent volume (296K), strengthening the bullish signal.
🔹 Technical Outlook:
Bullish Bias: The combination of triple bottom support, order block demand zone, and trendline breakout suggests bullish continuation.
Immediate Resistance Levels: ₹1520 – ₹1560 (near-term supply zone).
Major Resistance: ₹1650 – ₹1700 (previous swing highs).
Support Levels: ₹1400 (strong demand zone), followed by ₹1320 if broken.
🔹 Trading View:
Aggressive Traders: Can look for long entries near ₹1450–₹1470 with a stop loss below ₹1400.
Conservative Traders: Wait for a daily close above ₹1520 to confirm strength before entering.
Targets: First target ₹1560, second target ₹1650–₹1700
The stock has been in a primary uptrend (marked with the blue ascending channel).
Recently, it went into a short-term retracement with a downward sloping trendline (white).
Support & Demand Zones:
Strong Bullish Order Block and FVG Discount Zone around the ₹1350 – ₹1400 level, where buyers are stepping in.
Price formed a Triple Bottom at this support, indicating strong demand and rejection of lower prices.
Pattern & Candlestick Structure:
Triple Bottom is a reversal pattern confirming that sellers are unable to push below ₹1350.
Current candles show bullish momentum, reclaiming above the retracement trendline.
Breakout:
Price has broken the short-term retracement trendline on the upside, signaling a potential end to the correction.
Fresh momentum is visible with today’s +3.70% rise, closing near ₹1478.
Volume:
Breakout accompanied with decent volume (296K), strengthening the bullish signal.
🔹 Technical Outlook:
Bullish Bias: The combination of triple bottom support, order block demand zone, and trendline breakout suggests bullish continuation.
Immediate Resistance Levels: ₹1520 – ₹1560 (near-term supply zone).
Major Resistance: ₹1650 – ₹1700 (previous swing highs).
Support Levels: ₹1400 (strong demand zone), followed by ₹1320 if broken.
🔹 Trading View:
Aggressive Traders: Can look for long entries near ₹1450–₹1470 with a stop loss below ₹1400.
Conservative Traders: Wait for a daily close above ₹1520 to confirm strength before entering.
Targets: First target ₹1560, second target ₹1650–₹1700
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.