HAVELLS : Connecting for recovery

Dec 30, 2024

Havells India Ltd. (HAVELL’S) - Bullish Reversal Zones & Targets

Key Levels and Zones:

1. []Current Price: ₹1,649.90 (-₹26.50, -1.58%)
   []Support and Buying Zones:
   
   Extended Retracement Zone: ₹1,574.50 - ₹1,632.95
   Golden Retracement Zone: ₹1,629.30 - ₹1,683.35
   
2. Target Zones:
   First Target Zone: ₹1,821 - ₹1,839
   Second Target Zone: ₹1,994.00
   
3. Stop Loss: ₹1,594.55
   

Chart Analysis:

1. Wave Patterns: The chart showcases an ABC correction pattern suggesting a potential bullish move.
   
   Wave A: Initial decline marking the first corrective phase.
   Wave B: Temporary upward movement.
   Wave C: Anticipated upward rally within the target zones.
   
2. Volume Activity: High trading volume at 548.91K indicates significant market interest.
   

Trade Plan:

1. Entry Point:
   
   Long positions can be considered within the extended retracement zone (₹1,574.50 - ₹1,632.95) or the golden retracement zone (₹1,629.30 - ₹1,683.35).
   
2. Targets:First Target Zone: ₹1,821 - ₹1,839.
   Second Target Zone: ₹1,994.00 for extended gains.
   
3. Stop Loss: Place a stop loss at ₹1,594.55 to manage downside risk.
   

Conclusion:

The daily chart of Havells India Ltd. identifies critical support and resistance levels, creating a robust framework for strategic trading. Traders can capitalize on potential bullish reversals for profitable opportunities while maintaining a favorable risk-reward ratio.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your research or consult with a financial advisor before investing.

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