📊 Chart Overview:
Current Price: ₹1,530.20
Resistance Zone (rejected recently): ₹1,738.60
Support Zones:
Immediate: ₹1,542.35 (now broken intraday)
Stronger: ₹1,196.90
Recent Candle: Strong bearish candle (-3.85%) after touching the resistance
🔍 Technical Analysis:
Failed Breakout:
Price touched ₹1,738 and sharply sold off — bearish rejection at supply.
Today's candle is a strong red bar, implying profit booking or reversal pressure.
Price Zone Reaction:
Now sitting slightly below the ₹1,542 zone which was a previous resistance turned potential support.
If this doesn’t hold, we may see price drift toward ₹1,400–1,300 levels.
Volume Spike:
Recent breakout occurred with high volume, indicating strong interest. But current drop needs watching — is it healthy pullback or reversal?
✅ Trade Strategy
Not a Buy Right Now. Wait for Setup Confirmation.
Instead:
📉 Option 1: If Market Pulls Back Further
Buy near ₹1,450–₹1,480 zone (lower wick support area if it forms)
Stop-Loss: ₹1,395
Target 1: ₹1,542 (retest)
Target 2: ₹1,700–₹1,738
Target 3: ₹2,090 (long-term resistance)
📈 Option 2: If Price Reclaims ₹1,550+ With Strength
Buy on Break and Hold above ₹1,560
Indicates strength returning after dip.
Stop-Loss: ₹1,490
Target 1: ₹1,700
Target 2: ₹1,738
Target 3: ₹2,090
🚫 Avoid if:
Price sustains below ₹1,480 on closing basis.
No bullish candles or volume spike to support rebound.
Current Price: ₹1,530.20
Resistance Zone (rejected recently): ₹1,738.60
Support Zones:
Immediate: ₹1,542.35 (now broken intraday)
Stronger: ₹1,196.90
Recent Candle: Strong bearish candle (-3.85%) after touching the resistance
🔍 Technical Analysis:
Failed Breakout:
Price touched ₹1,738 and sharply sold off — bearish rejection at supply.
Today's candle is a strong red bar, implying profit booking or reversal pressure.
Price Zone Reaction:
Now sitting slightly below the ₹1,542 zone which was a previous resistance turned potential support.
If this doesn’t hold, we may see price drift toward ₹1,400–1,300 levels.
Volume Spike:
Recent breakout occurred with high volume, indicating strong interest. But current drop needs watching — is it healthy pullback or reversal?
✅ Trade Strategy
Not a Buy Right Now. Wait for Setup Confirmation.
Instead:
📉 Option 1: If Market Pulls Back Further
Buy near ₹1,450–₹1,480 zone (lower wick support area if it forms)
Stop-Loss: ₹1,395
Target 1: ₹1,542 (retest)
Target 2: ₹1,700–₹1,738
Target 3: ₹2,090 (long-term resistance)
📈 Option 2: If Price Reclaims ₹1,550+ With Strength
Buy on Break and Hold above ₹1,560
Indicates strength returning after dip.
Stop-Loss: ₹1,490
Target 1: ₹1,700
Target 2: ₹1,738
Target 3: ₹2,090
🚫 Avoid if:
Price sustains below ₹1,480 on closing basis.
No bullish candles or volume spike to support rebound.
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.