According to the Smart Money Concepts (SMC) framework, Oil India has delivered a clear bullish Break of Structure (BOS) above ₹494.05, which earlier acted as a strong supply zone. The decisive close above this level confirms that demand has absorbed supply, shifting market control to buyers.
With the BOS confirmed, price has expanded sharply towards the ₹508–₹510 zone, validating bullish intent
Bullish Continuation Scenario (Primary)
BOS Level: ₹494.05 (now flipped into support)
Immediate Upside Target: ₹579
Extended Swing Target: ₹740 (as marked on the chart)
After the impulsive move, a healthy pullback towards the 50% retracement zone (₹495–₹500) would be considered structurally bullish and may offer a high-probability re-entry opportunity for trend continuation.
Alternate Bullish Setup (Support-Based)
If price retraces deeper, the demand zone near ₹448.25 remains a strong institutional support area.
A bullish reversal signal or momentum confirmation from this zone can present a secondary buying opportunity with favorable risk–reward.
Bearish / Risk Scenario
-Failure to hold above ₹448.25 would weaken the bullish structure.
In such a case:
-Breakdown below ₹448.25 → opens downside risk towards ₹420
-This would shift the bias to bearish-to-sideways, with ₹420 acting as a critical decision zone (breakdown vs reversal).
Bullish
-BOS above ₹494.05 → Target ₹579
-Swing extension → ₹740
-Re-entry zone → ₹495–₹500
-Alternate buy → ₹448.25 (on bullish confirmation)
Bearish
-Breakdown below ₹448.25 → ₹420
-Below ₹420 → structure turns weak/sideways
Disclaimer: aliceblueonline.com/legal-documentation/disclaimer/
With the BOS confirmed, price has expanded sharply towards the ₹508–₹510 zone, validating bullish intent
Bullish Continuation Scenario (Primary)
BOS Level: ₹494.05 (now flipped into support)
Immediate Upside Target: ₹579
Extended Swing Target: ₹740 (as marked on the chart)
After the impulsive move, a healthy pullback towards the 50% retracement zone (₹495–₹500) would be considered structurally bullish and may offer a high-probability re-entry opportunity for trend continuation.
Alternate Bullish Setup (Support-Based)
If price retraces deeper, the demand zone near ₹448.25 remains a strong institutional support area.
A bullish reversal signal or momentum confirmation from this zone can present a secondary buying opportunity with favorable risk–reward.
Bearish / Risk Scenario
-Failure to hold above ₹448.25 would weaken the bullish structure.
In such a case:
-Breakdown below ₹448.25 → opens downside risk towards ₹420
-This would shift the bias to bearish-to-sideways, with ₹420 acting as a critical decision zone (breakdown vs reversal).
Bullish
-BOS above ₹494.05 → Target ₹579
-Swing extension → ₹740
-Re-entry zone → ₹495–₹500
-Alternate buy → ₹448.25 (on bullish confirmation)
Bearish
-Breakdown below ₹448.25 → ₹420
-Below ₹420 → structure turns weak/sideways
Disclaimer: aliceblueonline.com/legal-documentation/disclaimer/
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.
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.