The stock has decisively broken a 17-month angular downtrend line, signaling a major change in character. The underlying momentum on higher timeframes (Weekly & Monthly) is strong, suggesting this is the start of a new bullish leg.
📈 1. The Long-Term Context
- The 2024 Peak: After hitting its All-Time High (ATH) in June 2024, the stock entered a prolonged 10-month correction.
- The 2025 Bottom: This downtrend found its bottom in April 2025, and the stock has been in a reversal/recovery phase since.
- The Resistance: This recovery was consistently blocked by a strong, angular resistance trendline formed from the June 2024 ATH.
🚀 2. The Decisive Breakout (This Week's Action)
This week, the 17-month pattern was broken:
- The Move: The stock decisively broke out and closed above this long-term angular resistance trendline for the first time.
- The Surge: This breakout was confirmed with a +5.10% surge for the week, backed by 1.2 Million in total weekly volume.
- Volume Context: This breakout comes after a period of low, consolidating volume, which often precedes a significant move.
📊 3. Key Technical Indicators
The underlying momentum on higher timeframes strongly supports this breakout:
- EMAs: Short-term Exponential Moving Averages are in a "PCO" (Price Crossover) state on both the Monthly and Weekly charts, confirming a bullish trend.
- RSI: The Relative Strength Index is rising on both the Monthly and Weekly timeframes, showing that buying strength is building and sustaining.
🎯 4. Future Scenarios & Key Levels to Watch
This breakout provides a clear road map based on identified levels:
🐂 The Bullish Case (Momentum Continues)
- Trigger: If the current momentum is maintained, the breakout is confirmed.
- Target: The first major target is the ₹2,060 level, which represents the next significant resistance zone near the 2024 highs.
🐻 The Bearish Case (Re-test Scenario)
- Trigger: The initial momentum is lost, and the stock pulls back to verify the breakout.
- Confirmation: A "re-test" where the stock drops to touch the old resistance trendline, which should now act as new support.
- Support: This re-test level is at approximately ₹1,620. A bounce from this level would be a secondary, high-conviction buy signal.
📈 1. The Long-Term Context
- The 2024 Peak: After hitting its All-Time High (ATH) in June 2024, the stock entered a prolonged 10-month correction.
- The 2025 Bottom: This downtrend found its bottom in April 2025, and the stock has been in a reversal/recovery phase since.
- The Resistance: This recovery was consistently blocked by a strong, angular resistance trendline formed from the June 2024 ATH.
🚀 2. The Decisive Breakout (This Week's Action)
This week, the 17-month pattern was broken:
- The Move: The stock decisively broke out and closed above this long-term angular resistance trendline for the first time.
- The Surge: This breakout was confirmed with a +5.10% surge for the week, backed by 1.2 Million in total weekly volume.
- Volume Context: This breakout comes after a period of low, consolidating volume, which often precedes a significant move.
📊 3. Key Technical Indicators
The underlying momentum on higher timeframes strongly supports this breakout:
- EMAs: Short-term Exponential Moving Averages are in a "PCO" (Price Crossover) state on both the Monthly and Weekly charts, confirming a bullish trend.
- RSI: The Relative Strength Index is rising on both the Monthly and Weekly timeframes, showing that buying strength is building and sustaining.
🎯 4. Future Scenarios & Key Levels to Watch
This breakout provides a clear road map based on identified levels:
🐂 The Bullish Case (Momentum Continues)
- Trigger: If the current momentum is maintained, the breakout is confirmed.
- Target: The first major target is the ₹2,060 level, which represents the next significant resistance zone near the 2024 highs.
🐻 The Bearish Case (Re-test Scenario)
- Trigger: The initial momentum is lost, and the stock pulls back to verify the breakout.
- Confirmation: A "re-test" where the stock drops to touch the old resistance trendline, which should now act as new support.
- Support: This re-test level is at approximately ₹1,620. A bounce from this level would be a secondary, high-conviction buy signal.
Disclaimer: This analysis is my personal view & for educational purposes only. They shall not be construed as trade or investment advice. Before making any financial decision, it is imperative that you consult with a qualified financial professional.
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: This analysis is my personal view & for educational purposes only. They shall not be construed as trade or investment advice. Before making any financial decision, it is imperative that you consult with a qualified financial professional.
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.