It is not making any lower lows and it has been taking support around 1150 levels. It will start the downtrend only if it breaks below 1150. This might be the general pattern for the stocks which have fallen and are trying to find support before moving up.
chart_analytics_kb
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@dydhanraj5 , what are you trying to say, what's the point. so my theory is that its trying to find a support but if it breaks the support its highly likely that the buyers will not be active too much and stoploss of some will be triggered who had buy in the last low, so we can expect a sharp fall and try to capture that. ohh sorry my mistake i said 1150 its 1130
dydhanraj5
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@chart_analytics_kb, My idea is that it might be the general pattern for the stocks which have fallen and are trying to find support before moving up. So, instead of waiting for the stock to break down 1150 (if you consider closing price) or 1130 (If you consider day's low), I feel we can buy around this level and can see a quick profit by keeping 1200 resistance. Though it has not made any higher highs, the stock is not being let go below 1135 and buyers enter at this level. So, my theory is that, as the resistance and support move towards to meet each other and support line being at the same level, it is likely to hover between 1135 and 1200 before breaking out.
On 27th Sep 2022, for the low 1131, RSI indicates that it was oversold. On 3rd Feb 2022, for the low 1132, it is not as oversold as 27th Sep 2022. So, I think it might not breakdown.
It is my assumption and it can go wrong anytime. So, please do your analysis and trade at your own risk.
chart_analytics_kb
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@dydhanraj5, yeah man you are too right so in daily time frame it was making long wicks and hammer candle so even i have taken long trade