1. Price Action & Trend Analysis
The stock has been in an uptrend since its low in late 2022, following an ascending trendline (dashed black).
Multiple higher lows (circled in blue) have formed, respecting the trendline.
Currently, the stock broke down sharply (-11.57%), testing both the trendline support and the horizontal resistance turned support (black horizontal line).
If the price holds above this key level, it may bounce; otherwise, further downside is possible.
2. Support & Resistance Levels
Support: Around 194-200 INR, where the stock is testing the trendline.
Resistance:
307.90 INR (High level)
414.20 INR (Projected target if the uptrend continues)
3. RSI & Momentum Analysis
RSI (14) = 40.69, indicating a neutral to slightly bearish zone (not oversold yet).
RSI-based MA (58.65) shows a significant drop, meaning momentum is weakening.
If RSI drops below 40, it could indicate further downside.
4. Future Projection
Bullish Scenario: If the stock bounces off this support, it may resume its uptrend toward 250-300 INR.
Bearish Scenario: If it breaks below 194 INR, it could drop further to 150 INR or even the previous low near 100 INR.
5. Summary
Key Decision Zone: 194-200 INR
Trend: Still bullish but at risk of breakdown.
Watch RSI & Support Levels: A break below 194 INR could trigger more selling.
The stock has been in an uptrend since its low in late 2022, following an ascending trendline (dashed black).
Multiple higher lows (circled in blue) have formed, respecting the trendline.
Currently, the stock broke down sharply (-11.57%), testing both the trendline support and the horizontal resistance turned support (black horizontal line).
If the price holds above this key level, it may bounce; otherwise, further downside is possible.
2. Support & Resistance Levels
Support: Around 194-200 INR, where the stock is testing the trendline.
Resistance:
307.90 INR (High level)
414.20 INR (Projected target if the uptrend continues)
3. RSI & Momentum Analysis
RSI (14) = 40.69, indicating a neutral to slightly bearish zone (not oversold yet).
RSI-based MA (58.65) shows a significant drop, meaning momentum is weakening.
If RSI drops below 40, it could indicate further downside.
4. Future Projection
Bullish Scenario: If the stock bounces off this support, it may resume its uptrend toward 250-300 INR.
Bearish Scenario: If it breaks below 194 INR, it could drop further to 150 INR or even the previous low near 100 INR.
5. Summary
Key Decision Zone: 194-200 INR
Trend: Still bullish but at risk of breakdown.
Watch RSI & Support Levels: A break below 194 INR could trigger more selling.
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.