@Vivek09rajput, Very good question. I also wish to learn the answer from the author. My observation is that the red line is some kind of 'No trade zone'. Looking at 2016 and 2017 chart pattern I find after (or nearer) to 'red strip - landing', there were upward swings and this time from 512 there might be an upward journey towards the level of say 600-620 level (R1).
@Pranabkolkatay, Thanks for Question. Red band is some kind of magical band if you see the past, A perfect example of SR flip. It changes every time. I feel that Price will enter Red zone as you said "No trade Zone". It may bounce back and making it support or it may break and make it resistance ( that time will tell what ever happens). I went deep into red zone and found that somewhere between it may stop falling ( TEMPORARY ONLY). So its on my watch list now @Vivek09rajput@MoneyRain .... for more join my group in telegram t.me/Chartdontlie
@Dragonchaya, Chayaa , i just dont want to comment on your analysis , May be you are right on your understanding , but if you track the real time this scrip started falling was never making a good pull back , that it self was indicating the issues in Fundamental , or Institutional are stepping out form Investments , any stock that drops , usually make a comfort level of pull back , but it was not making it , and finally after dropping so much the News came in as UAE Based investor is stepping out and they have got the permission to start their own airlines in India , and then it did not stop further dropping ,
I am expecting this will make to near 250/290 Range in very near time