RVNL has been in a sustained downtrend over the past few weeks, marked by consistent lower highs and lower lows. Recently, the selling pressure has started to fade near the ₹300 zone, leading to price stabilization and consolidation.
On the daily chart, ₹300 has emerged as a very strong support level, as the stock has repeatedly taken support from this zone in the past. This level also coincides with earlier demand areas, making it a high-probability support region.
The stock has now broken above the falling trendline, indicating a potential trend reversal or pullback rally after a significant correction. The breakout is accompanied by improving price structure and better momentum, suggesting renewed buying interest.
RVNL is also trading above its short-term moving averages, reflecting strength returning to the bulls. As long as the stock sustains above the breakout zone and the ₹300 support holds, the technical setup remains positive.
Risk Management:
Stop Loss: ₹300 (strict daily/weekly closing)
A decisive close below ₹300 would invalidate the bullish setup; strict stop-loss discipline is advised.
Trade with proper risk management.
On the daily chart, ₹300 has emerged as a very strong support level, as the stock has repeatedly taken support from this zone in the past. This level also coincides with earlier demand areas, making it a high-probability support region.
The stock has now broken above the falling trendline, indicating a potential trend reversal or pullback rally after a significant correction. The breakout is accompanied by improving price structure and better momentum, suggesting renewed buying interest.
RVNL is also trading above its short-term moving averages, reflecting strength returning to the bulls. As long as the stock sustains above the breakout zone and the ₹300 support holds, the technical setup remains positive.
Risk Management:
Stop Loss: ₹300 (strict daily/weekly closing)
A decisive close below ₹300 would invalidate the bullish setup; strict stop-loss discipline is advised.
Trade with proper risk management.
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.