Chart Analysis & Summary:
Stock Overview:
Stock: Bhagyanagar India Ltd (NSE)
Current Price: ₹71.60
Change: -₹3.47 (-4.62%)
Timeframe: Weekly (1W)
Technical Levels & Fibonacci Retracement:
Resistance & Highs:
Recent high at ₹163.30.
Another key level around ₹128.89.
Fibonacci Levels:
0.5 retracement at ₹81.19.
0.618 retracement at ₹70.16 (a critical support level).
Current Support Zones:
Strong support around ₹63.66 - ₹60.02 (highlighted in orange).
Trend & Price Action:
Price broke below a green trendline indicating a loss of bullish momentum.
Now testing the 0.618 Fibonacci retracement (₹70.16), a key area where price might react.
If this level breaks, further downside toward ₹63.66 - ₹60.02 is possible.
RSI (Relative Strength Index) Analysis:
Current RSI: 31.83 (near the oversold zone of 30).
RSI Moving Average: 41.65.
This suggests the stock is approaching oversold territory, indicating a potential bounce if buyers step in.
Conclusion & Possible Scenarios:
Bullish Scenario: If price holds ₹70-₹63, a rebound could occur with targets toward ₹81 - ₹100.
Bearish Scenario: If support at ₹60 fails, the next major downside could be toward ₹38.13 or lower.
Watch for: RSI reversal, price action near ₹70, and volume confirmation.
Stock Overview:
Stock: Bhagyanagar India Ltd (NSE)
Current Price: ₹71.60
Change: -₹3.47 (-4.62%)
Timeframe: Weekly (1W)
Technical Levels & Fibonacci Retracement:
Resistance & Highs:
Recent high at ₹163.30.
Another key level around ₹128.89.
Fibonacci Levels:
0.5 retracement at ₹81.19.
0.618 retracement at ₹70.16 (a critical support level).
Current Support Zones:
Strong support around ₹63.66 - ₹60.02 (highlighted in orange).
Trend & Price Action:
Price broke below a green trendline indicating a loss of bullish momentum.
Now testing the 0.618 Fibonacci retracement (₹70.16), a key area where price might react.
If this level breaks, further downside toward ₹63.66 - ₹60.02 is possible.
RSI (Relative Strength Index) Analysis:
Current RSI: 31.83 (near the oversold zone of 30).
RSI Moving Average: 41.65.
This suggests the stock is approaching oversold territory, indicating a potential bounce if buyers step in.
Conclusion & Possible Scenarios:
Bullish Scenario: If price holds ₹70-₹63, a rebound could occur with targets toward ₹81 - ₹100.
Bearish Scenario: If support at ₹60 fails, the next major downside could be toward ₹38.13 or lower.
Watch for: RSI reversal, price action near ₹70, and volume confirmation.
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.