Key Observations:
Current Price Action:
The stock closed at ₹121.50 with a strong bullish candle, gaining +2.55% today.
It broke above a horizontal resistance zone around ₹114.66, now turned support.
The breakout candle is accompanied by increased volume, indicating strength and participation.
Resistance Zone:
The next immediate resistance is around ₹125.63, a previous swing high.
If the price sustains above ₹121, it could attempt to retest or break ₹125.63.
Support Zone:
The breakout level of ₹114.66 now acts as strong support.
Below that, minor support can be seen around ₹108.
Trend:
The stock was in a consolidation phase for a couple of months.
Recent higher lows and today's breakout suggest bullish momentum building up.
Volume:
Volume spikes on breakout candles generally confirm institutional interest or high conviction among traders.
What to Watch Next:
Sustained move above ₹121 could lead to a rally toward ₹125.63 or higher.
Failure to hold above ₹114.66 may invalidate the breakout, leading to a pullback.
Watch for follow-through candles and volume confirmation in the coming sessions.
Current Price Action:
The stock closed at ₹121.50 with a strong bullish candle, gaining +2.55% today.
It broke above a horizontal resistance zone around ₹114.66, now turned support.
The breakout candle is accompanied by increased volume, indicating strength and participation.
Resistance Zone:
The next immediate resistance is around ₹125.63, a previous swing high.
If the price sustains above ₹121, it could attempt to retest or break ₹125.63.
Support Zone:
The breakout level of ₹114.66 now acts as strong support.
Below that, minor support can be seen around ₹108.
Trend:
The stock was in a consolidation phase for a couple of months.
Recent higher lows and today's breakout suggest bullish momentum building up.
Volume:
Volume spikes on breakout candles generally confirm institutional interest or high conviction among traders.
What to Watch Next:
Sustained move above ₹121 could lead to a rally toward ₹125.63 or higher.
Failure to hold above ₹114.66 may invalidate the breakout, leading to a pullback.
Watch for follow-through candles and volume confirmation in the coming sessions.
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.