🟢 Current Price Action:
CMP ₹1503.90, up +2.29% today.
The price is testing a strong resistance zone near ₹1540–₹1555 (highlighted by the purple box).
Multiple rejection wicks near this level earlier = significant supply zone.
⚙️ Technical Outlook:
Resistance zone: ₹1540–₹1555 → needs a daily close above this level for breakout confirmation.
Strong support: ₹1350 and deeper at ₹1146 (historical swing low).
Rounded bottom/base formation observed, with higher lows in recent sessions = bullish bias.
✅ Positional Trade Plan
Parameter Level
🎯 Entry ₹1500–₹1510 (accumulate zone)
🔔 Breakout Watch for close > ₹1555
📌 Stop Loss ₹1390 (or ₹1350 for wide SL)
🎯 Target 1 ₹1700
🎯 Target 2 ₹1850+ (if momentum sustains)
⏳ Timeframe 3–6 weeks
🧠 Setup Rationale:
Price congestion near resistance shows accumulation.
Break above ₹1555 will confirm multi-month breakout.
Pharma sector gaining traction recently → tailwind support.
CMP ₹1503.90, up +2.29% today.
The price is testing a strong resistance zone near ₹1540–₹1555 (highlighted by the purple box).
Multiple rejection wicks near this level earlier = significant supply zone.
⚙️ Technical Outlook:
Resistance zone: ₹1540–₹1555 → needs a daily close above this level for breakout confirmation.
Strong support: ₹1350 and deeper at ₹1146 (historical swing low).
Rounded bottom/base formation observed, with higher lows in recent sessions = bullish bias.
✅ Positional Trade Plan
Parameter Level
🎯 Entry ₹1500–₹1510 (accumulate zone)
🔔 Breakout Watch for close > ₹1555
📌 Stop Loss ₹1390 (or ₹1350 for wide SL)
🎯 Target 1 ₹1700
🎯 Target 2 ₹1850+ (if momentum sustains)
⏳ Timeframe 3–6 weeks
🧠 Setup Rationale:
Price congestion near resistance shows accumulation.
Break above ₹1555 will confirm multi-month breakout.
Pharma sector gaining traction recently → tailwind support.
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.