Kaynes bouncing from channel support and 50 D
#Kaynes Technology. Looks good for a Swing.
Entry: Buy Small quantities in CMP(6547)
Stop Loss (SL):Marked at ₹5,806.30,
Target (T1): ₹7,697
✅Channel Pattern: The price is moving within an ascending channel, respecting both the upper and lower trendlines.
The recent pullback appears to have tested the lower trendline support, followed by a bounce.
✅The stock is trading above the 200-day moving average (yellow line), signifying a bullish long-term trend.
✅Stock Takes support at 50 DMA. Right now it is bouncing from channel support and 50 DMA.
✅A sharp green candle on strong volume indicates renewed buying interest at current levels.
📎Strategy:
Buy at CMP in small quantities to reduce risk, as per the chart's suggestion.
📎Watch for:A strong close above the middle of the channel for confirmation of bullish momentum toward the target.
Exit the trade if the price breaches the ₹5,806.30 stop-loss level.
⚠️Overall Trend is bearishI'm Not sure if this is the beginning of a bear market or a Bull Market Correction. So keep the positions limited. Do not go full-on. Keep your capital safe and manage the risk properly.
