DuroPly Industries Limited (flag )

DuroPly Industries Limited (BSE: 516003), we can identify key levels and patterns to consider for making a buying decision.

Chart Analysis:
Downward Channel Breakout:

The stock was in a downward channel from March 2024 to June 2024, as indicated by the shaded area on the chart.

Recently, the price has broken out of this downward channel, which is a bullish signal.

Volume Confirmation:
The breakout is accompanied by an increase in trading volume, confirming the validity of the breakout. This is a positive sign indicating strong buying interest.

Support and Resistance Levels:
Support Level: The lower boundary of the previous downward channel around 280-290 can act as a new support level.

Resistance Levels/Targets:

First Target (1st TRG): Around 360.

Second Target (2nd TRG): Around 440.

Buy on Pullback to Support:
Considering buying on a pullback to the new support level around 280-290. This would provide a better risk-reward ratio.

Volume Monitoring:
Ensure that the volume remains strong during the pullback and subsequent upward move. Decreasing volume on a pullback followed by increasing volume on a move up is ideal.
Stop Loss Placement:

Place a stop loss slightly below the support level (e.g., below 280) to manage risk effectively.
Trend Continuation:

If the price continues to move up with strong volume, consider holding for the targets of 360 and 440 as indicated on the chart.

Summary:
Entry Point: Consider buying around 280-290 on a pullback.
Stop Loss: Set a stop loss below 280.
Targets: First target around 360 and second target around 440.

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"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.

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