Manyavar Ready For Breakout- Looking Strong For Swing Trade

✅The stock has completed a rounded bottom pattern, which is a bullish reversal pattern indicating a shift from a downtrend to an uptrend. The recent price action reflects a steady upward momentum, showing that buyers are gaining control. A breakout above the neckline of this formation can lead to a substantial rally. Vedant Fashions is currently testing the 1,400 resistance level, which has acted as a significant barrier in the past. A breakout above this level would signify a bullish continuation and could lead to a rapid move towards the target zones. Traders should watch for a strong close above this resistance to confirm the breakout.

✅ A recent surge in volume suggests that interest is building up, particularly as the stock approaches a critical breakout point. The volume increase supports the rounded bottom pattern, indicating strong accumulation. High volume on a breakout would further confirm bullish intent. The RSI stands at 59.55, reflecting positive momentum without being overbought. This setup suggests that there is still room for the stock to move higher before hitting resistance from momentum indicators, adding strength to the bullish bias.

🚨 Following a breakout above 1,400, the stock could aim for 1,500 initially, with an extended target around 1,550 if the momentum continues. These levels align with historical price action and pattern projections, making them achievable targets in the short to medium term. On the downside, 1,268 serves as a strong support, closely aligned with the 50 EMA. This level provides a solid foundation for the stock and a move below it would weaken the bullish outlook, making it an ideal stop-loss point.