HIRECT – Holding Strong |Demand Building Near Resistance

HIRECT
After a powerful breakout from the ₹1010–1020 base, HIRECT has entered a healthy consolidation phase rather than a deep correction. The stock is currently building a new base just below the key resistance zone around ₹1210.

What makes this setup interesting is the quality of the pullback.

Technical Observations
✅ Breakout Base Still Intact
The stock exploded out of a multi-week base and has managed to hold above the breakout zone. Price is now consolidating inside the breakout candle range, which is generally a sign of strength rather than weakness.

✅ 20 EMA Successfully Tested
The recent decline found support near the rising 20 EMA. Buyers immediately stepped in, preventing any meaningful breakdown.

✅ Selling Pressure is Drying Up
Although price corrected after the breakout, volume failed to expand on the downside. This indicates a lack of aggressive sellers and suggests the move is more likely profit booking than distribution.

✅ Pocket Pivot Volume (PPV) Appeared Near Support
A volume surge emerged from the support zone, showing institutional participation exactly where it should appear if the trend remains healthy.

✅ Recent Rejection Came on Shallow Volume
The latest rejection near resistance did not attract significant selling volume. This is an important clue that supply may be getting absorbed.

🎯 Trade Idea
A decisive breakout above ₹1210 could trigger the next momentum leg.

Entry: Above 1210 on strong closing basis
Stop Loss: 1165
Target Zone: 1260/ 1340+

This is a study for educational purposes only and not investment advice. Always manage risk and position size appropriately.

Keep Learning,
Happy Trading.