📌 Pattern Observed:
Breakout above major horizontal resistance zone between ₹303–₹320, which had acted as a ceiling for the past 2 years. The breakout candle is strong and bullish, suggesting a clear change in market structure. This setup confirms a multi-year base breakout, a bullish continuation pattern often followed by sustained uptrends.
📈 Volume Analysis:
Volume surged to 3.56M during the breakout, the highest in over 2 years. This spike in volume during a breakout signals institutional accumulation and validates the price action strength.
💹 Price Action:
The stock closed the week at ₹338.35, gaining +16.41% from the previous close. The breakout candle has a long bullish body and closed near the high of the week, suggesting strong demand and minimal profit booking. The price moved from a low of ₹291.80 to a high of ₹353.25 in one week.
🔁 Support & Resistance:
Immediate Support Zone: ₹303.10–₹320 (previous resistance turned support)
Next Resistance Levels: ₹370–₹390 (historical upper wick zones), ₹420+ (long-term level if rally sustains)
📊 Indicators & Momentum (Visual):
No indicators plotted on the chart, but price structure shows strong upside momentum.
Volume and candle strength serve as key bullish indicators.
📌 Observations:
Price successfully broke a long consolidation range.
Strong uptrend has resumed after a prolonged downtrend and accumulation phase.
Structure suggests potential for a new higher high formation in the coming weeks.
✅ Conclusion / Trade Plan:
Bias: Strongly Bullish
Entry Zone: ₹320–₹330 (on pullback)
Stop Loss: Below ₹300
Targets: ₹370 (short-term), ₹420+ (mid-term)
Breakout above major horizontal resistance zone between ₹303–₹320, which had acted as a ceiling for the past 2 years. The breakout candle is strong and bullish, suggesting a clear change in market structure. This setup confirms a multi-year base breakout, a bullish continuation pattern often followed by sustained uptrends.
📈 Volume Analysis:
Volume surged to 3.56M during the breakout, the highest in over 2 years. This spike in volume during a breakout signals institutional accumulation and validates the price action strength.
💹 Price Action:
The stock closed the week at ₹338.35, gaining +16.41% from the previous close. The breakout candle has a long bullish body and closed near the high of the week, suggesting strong demand and minimal profit booking. The price moved from a low of ₹291.80 to a high of ₹353.25 in one week.
🔁 Support & Resistance:
Immediate Support Zone: ₹303.10–₹320 (previous resistance turned support)
Next Resistance Levels: ₹370–₹390 (historical upper wick zones), ₹420+ (long-term level if rally sustains)
📊 Indicators & Momentum (Visual):
No indicators plotted on the chart, but price structure shows strong upside momentum.
Volume and candle strength serve as key bullish indicators.
📌 Observations:
Price successfully broke a long consolidation range.
Strong uptrend has resumed after a prolonged downtrend and accumulation phase.
Structure suggests potential for a new higher high formation in the coming weeks.
✅ Conclusion / Trade Plan:
Bias: Strongly Bullish
Entry Zone: ₹320–₹330 (on pullback)
Stop Loss: Below ₹300
Targets: ₹370 (short-term), ₹420+ (mid-term)
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.