📊 Chart Overview:
Current Market Price (CMP): ₹2,996.60
Previous Resistance Level: Around ₹2,878.35 (now potentially acting as support)
Recent Price Action:
Strong bullish breakout above previous resistance.
Followed by a red candle (possible profit booking or retest of breakout zone).
🔍 Technical Insights:
Breakout Confirmation Zone:
The price has broken out from a previous resistance zone (~₹2,878) with strong momentum.
It's now hovering slightly above this level.
Volume Analysis:
Volume on the breakout was significantly higher than average (suggesting strength).
Pullback candle shows reduced volume, indicating it may just be a minor correction.
Trend Structure:
Higher highs and higher lows forming since February 2025 — clear uptrend.
Retest of breakout zone may offer a low-risk entry.
📈 Suggested Trade Plan (Short-Term Swing)
✅ Entry:
Ideal Buy Zone: ₹2,930 – ₹2,975 (on a retest or small dip near breakout support at ₹2,878)
Confirmation Entry: Above ₹3,025 with strong volume (if price bounces strongly from here)
🎯 Target Levels:
T1: ₹3,150 (recent swing high)
T2: ₹3,300 (psychological round level)
T3: ₹3,450 (Fibonacci extension zone, if momentum continues)
🛑 Stop-Loss:
Conservative SL: ₹2,870 (below breakout support)
Aggressive SL: ₹2,825 (below last swing low from April)
🔄 Alternate Scenario:
If the price breaks below ₹2,870 with strong volume, avoid long entries. Wait for stability or signs of reversal before re-entering
Current Market Price (CMP): ₹2,996.60
Previous Resistance Level: Around ₹2,878.35 (now potentially acting as support)
Recent Price Action:
Strong bullish breakout above previous resistance.
Followed by a red candle (possible profit booking or retest of breakout zone).
🔍 Technical Insights:
Breakout Confirmation Zone:
The price has broken out from a previous resistance zone (~₹2,878) with strong momentum.
It's now hovering slightly above this level.
Volume Analysis:
Volume on the breakout was significantly higher than average (suggesting strength).
Pullback candle shows reduced volume, indicating it may just be a minor correction.
Trend Structure:
Higher highs and higher lows forming since February 2025 — clear uptrend.
Retest of breakout zone may offer a low-risk entry.
📈 Suggested Trade Plan (Short-Term Swing)
✅ Entry:
Ideal Buy Zone: ₹2,930 – ₹2,975 (on a retest or small dip near breakout support at ₹2,878)
Confirmation Entry: Above ₹3,025 with strong volume (if price bounces strongly from here)
🎯 Target Levels:
T1: ₹3,150 (recent swing high)
T2: ₹3,300 (psychological round level)
T3: ₹3,450 (Fibonacci extension zone, if momentum continues)
🛑 Stop-Loss:
Conservative SL: ₹2,870 (below breakout support)
Aggressive SL: ₹2,825 (below last swing low from April)
🔄 Alternate Scenario:
If the price breaks below ₹2,870 with strong volume, avoid long entries. Wait for stability or signs of reversal before re-entering
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.