Nerolac Paints: Can Resistance Turn to Support?
Technical Analysis of Kansai Nerolac Paints:
Nerolac Paints accumulation phase was followed by a healthy 10% move with high trading volumes. The stock has also demonstrated strength in weekly momentum, with above-average post-breakout volumes, also referred to as supporting volumes, indicating sustained buyer interest. A minor resistance at 300 has now turned into a minor support level.
The next key levels to watch are Resistance 1 at 357 and Resistance 2 at 425. However, any correction in the Nifty index could extend the time required to reach these targets.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
Nerolac Paints accumulation phase was followed by a healthy 10% move with high trading volumes. The stock has also demonstrated strength in weekly momentum, with above-average post-breakout volumes, also referred to as supporting volumes, indicating sustained buyer interest. A minor resistance at 300 has now turned into a minor support level.
The next key levels to watch are Resistance 1 at 357 and Resistance 2 at 425. However, any correction in the Nifty index could extend the time required to reach these targets.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.