### Rounding Bottom Pattern:
1. **Pattern Identification**:
- The chart clearly shows a rounding bottom pattern, characterized by a long, gradual decline in price followed by a slow and steady rise, forming a "U" shape.
- This pattern suggests a reversal of the prior downtrend and typically indicates a bullish reversal.
### Key Levels:
1. **Support and Resistance**:
- **Resistance Level**: Around 116 INR, which the price has recently tested and is attempting to break above.
- **Support Level**: Previous support levels can be identified around 89.45 INR, which also aligns with a previous low.
2. **Trend Lines**:
- The green trend lines form a rising channel, showing the long-term upward trend.
- The price is currently near the upper boundary of this channel, indicating a potential breakout or a pullback.
### Volume Analysis:
- Volume has increased during the latter part of the rounding bottom, especially as the price approaches the resistance level, confirming the pattern and suggesting that the breakout could be supported by strong buying interest.
### RSI (Relative Strength Index):
- The RSI is at 60.68, suggesting bullish momentum. It is not yet in the overbought territory, indicating there might be more room for the price to rise.
### Price Projection:
- Based on the rounding bottom pattern, if the price breaks above the 116 INR resistance level convincingly, the next target could be projected by measuring the depth of the rounding bottom from the lowest point (around 70 INR) to the resistance level (116 INR), which is 46 INR.
- Adding this depth to the breakout point gives a target of approximately 162 INR (116 + 46).
### Conclusion:
- **Current Price**: 113.16 INR.
- **Pattern**: Rounding bottom, suggesting a bullish reversal.
- **Resistance Breakout**: A break above 116 INR resistance, supported by strong volume, could lead to a significant upside.
- **Volume and RSI**: Increased volume and a moderately bullish RSI support the potential breakout.
### Summary:
The chart of Navkar Corporation shows a rounding bottom pattern, which is a strong bullish reversal signal. With the price currently testing the resistance level around 116 INR, a successful breakout could lead to a significant upside, with a target around 162 INR. The increased volume and positive RSI trend support this bullish outlook. However, it's important to watch for confirmation of the breakout and monitor any signs of reversal.
1. **Pattern Identification**:
- The chart clearly shows a rounding bottom pattern, characterized by a long, gradual decline in price followed by a slow and steady rise, forming a "U" shape.
- This pattern suggests a reversal of the prior downtrend and typically indicates a bullish reversal.
### Key Levels:
1. **Support and Resistance**:
- **Resistance Level**: Around 116 INR, which the price has recently tested and is attempting to break above.
- **Support Level**: Previous support levels can be identified around 89.45 INR, which also aligns with a previous low.
2. **Trend Lines**:
- The green trend lines form a rising channel, showing the long-term upward trend.
- The price is currently near the upper boundary of this channel, indicating a potential breakout or a pullback.
### Volume Analysis:
- Volume has increased during the latter part of the rounding bottom, especially as the price approaches the resistance level, confirming the pattern and suggesting that the breakout could be supported by strong buying interest.
### RSI (Relative Strength Index):
- The RSI is at 60.68, suggesting bullish momentum. It is not yet in the overbought territory, indicating there might be more room for the price to rise.
### Price Projection:
- Based on the rounding bottom pattern, if the price breaks above the 116 INR resistance level convincingly, the next target could be projected by measuring the depth of the rounding bottom from the lowest point (around 70 INR) to the resistance level (116 INR), which is 46 INR.
- Adding this depth to the breakout point gives a target of approximately 162 INR (116 + 46).
### Conclusion:
- **Current Price**: 113.16 INR.
- **Pattern**: Rounding bottom, suggesting a bullish reversal.
- **Resistance Breakout**: A break above 116 INR resistance, supported by strong volume, could lead to a significant upside.
- **Volume and RSI**: Increased volume and a moderately bullish RSI support the potential breakout.
### Summary:
The chart of Navkar Corporation shows a rounding bottom pattern, which is a strong bullish reversal signal. With the price currently testing the resistance level around 116 INR, a successful breakout could lead to a significant upside, with a target around 162 INR. The increased volume and positive RSI trend support this bullish outlook. However, it's important to watch for confirmation of the breakout and monitor any signs of reversal.