Vishal Megamart. All Set for IPO base Breakout?
Vishal Megamart
Entry Zone:The stock has broken above the resistance level of ₹115.00, marking the entry point as it closes higher on a bullish day. This indicates strong momentum.
Stop Loss (SL):A standard stop-loss level is set at ₹107.68 (purple line). This ensures protection in case of price reversal.
There is an additional closing basis SL at ₹99.67. This is a deeper stop-loss for more conservative traders, offering room for price fluctuation.
Volume Analysis:The breakout is accompanied by higher-than-average volume, which validates the bullish move. Increasing volume often signals genuine buying interest.
Trend:The recent candles show a steady uptrend with higher highs and higher lows, supporting a bullish continuation.
Potential Upside:The breakout above resistance opens the possibility of further upside if the stock sustains this level. Watch for potential resistance at higher levels, possibly around ₹120–₹125 (psychological and technical zones).
Trading Plan:
Entry: As suggested, ₹114.00 or near the closing price.
Stop Loss: ₹107.68 (traders) or ₹99.67 (investors).
Target: A logical next resistance level can be identified for booking partial profits or trailing SL to lock gains.
Risks:
False Breakout: Ensure the stock sustains above ₹115.00 for confirmation.
Market Conditions: Broader market sentiment can impact this trade, so stay cautious of volatility.
