Verdict:
Bullish
Plan of Action:
BUY: ₹76.66
Stoploss: ₹72.44
Target: ₹98.63
Trailing SL: ₹5–₹8 once price crosses ₹85
The stock has been consolidating for the past 4 months in a tight range, building strength for a breakout.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price breaks to the upside, there is a high probability that the stock will reach the ₹98.63 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹76.66, we can achieve the target with
Risk: Reward :: 1 : 2.49
Support Levels:
🔹 ₹72.44 – Strong support zone
🔹 ₹70.11 – Previous low acting as support
🔹 ₹69.21 – Secondary support in case of a pullback
Resistance Levels:
🔹 ₹76.66 – Immediate breakout level
🔹 ₹85.35 – Previous high acting as resistance
🔹 ₹98.63 – Final target zone
Reasons:
✅ Consolidation for 4 months, leading to a strong breakout setup
✅ Descending Triangle Breakout
✅ Support at ₹72.44 holding strong
✅ Wait for RSI to cross 60 for confirmation
✅ First breakout attempt after listing drop
✅ High volume surge, indicating strong buying interest
✅ Price > 50 EMA and approaching trendline resistance
Verdict:
Bullish
Plan of Action:
BUY: ₹76.66
Stoploss: ₹72.44
Target: ₹98.63
Trailing SL: ₹5–₹8 once price crosses ₹85
*****Disclaimer:*****
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
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