1.The chart shows a historical performance of the stock, with significant volatility over the years.
The stock experienced a major uptrend around 2006-2008, followed by a prolonged downtrend from 2008 to 2020.
2. Key Resistance Breakout
The stock has recently broken above a long-term resistance level at approximately ₹65.76 (marked by the orange line), which has acted as a ceiling for price movements since 2009.
3. Current Momentum
The stock is showing strong bullish momentum, with the recent monthly candle closing significantly higher (+30.97%) at ₹65.68.
This breakout suggests a shift in trend, with the potential for further upside if it sustains above ₹65.76.
4. Volume
Though not visible here, a breakout on higher volume would confirm stronger buying interest.
5. Outlook
If the stock sustains above ₹65.76, it may aim for higher targets, potentially revisiting levels from the 2008 highs.
However, a failure to sustain this breakout might lead to a retest of support levels around ₹50-₹55.
This breakout on a monthly timeframe is significant and suggests a positive long-term outlook for the stock, provided the breakout is confirmed with follow-through buying.
The stock experienced a major uptrend around 2006-2008, followed by a prolonged downtrend from 2008 to 2020.
2. Key Resistance Breakout
The stock has recently broken above a long-term resistance level at approximately ₹65.76 (marked by the orange line), which has acted as a ceiling for price movements since 2009.
3. Current Momentum
The stock is showing strong bullish momentum, with the recent monthly candle closing significantly higher (+30.97%) at ₹65.68.
This breakout suggests a shift in trend, with the potential for further upside if it sustains above ₹65.76.
4. Volume
Though not visible here, a breakout on higher volume would confirm stronger buying interest.
5. Outlook
If the stock sustains above ₹65.76, it may aim for higher targets, potentially revisiting levels from the 2008 highs.
However, a failure to sustain this breakout might lead to a retest of support levels around ₹50-₹55.
This breakout on a monthly timeframe is significant and suggests a positive long-term outlook for the stock, provided the breakout is confirmed with follow-through buying.
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