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.
Would you like a more detailed trading strategy based on this?
Chart Analysis & Summary:
Stock Overview:
Stock: Prakash Industries Ltd (NSE)
Current Price: ₹133.49
Change: -₹8.74 (-6.14%)
Timeframe: Weekly (1W)
Key Technical Levels:
Major Resistance:
₹183.84 (strong resistance level).
₹239.90 (previous high).
₹329.15 (long-term bullish target).
Support Levels:
₹142.29 (Fibonacci 0.5 retracement, broken).
Current price is near ₹128-130 (potential support zone).
Trendline Support: Further downside could test trendline near ₹100.
Elliott Wave Analysis:
The chart follows an Elliott Wave structure.
Currently in Wave 4 correction after a strong Wave 3 rally.
Wave 5 projection suggests an upside target near ₹329 if Wave 4 holds support.
RSI (Relative Strength Index) Analysis:
Current RSI: 37.94 (weak, but not fully oversold yet).
RSI Moving Average: 43.82.
RSI is in a downtrend, indicating weak momentum.
Conclusion & Possible Scenarios:
Bullish Scenario: If price holds ₹128-130 support, a reversal toward ₹183, ₹240, or higher could occur.
Bearish Scenario: If price breaks below ₹128, it may test ₹100 or lower.
Watch for: Reversal signals, RSI improvement, and break above ₹142 for bullish 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.
Would you like a more detailed trading strategy based on this?
Chart Analysis & Summary:
Stock Overview:
Stock: Prakash Industries Ltd (NSE)
Current Price: ₹133.49
Change: -₹8.74 (-6.14%)
Timeframe: Weekly (1W)
Key Technical Levels:
Major Resistance:
₹183.84 (strong resistance level).
₹239.90 (previous high).
₹329.15 (long-term bullish target).
Support Levels:
₹142.29 (Fibonacci 0.5 retracement, broken).
Current price is near ₹128-130 (potential support zone).
Trendline Support: Further downside could test trendline near ₹100.
Elliott Wave Analysis:
The chart follows an Elliott Wave structure.
Currently in Wave 4 correction after a strong Wave 3 rally.
Wave 5 projection suggests an upside target near ₹329 if Wave 4 holds support.
RSI (Relative Strength Index) Analysis:
Current RSI: 37.94 (weak, but not fully oversold yet).
RSI Moving Average: 43.82.
RSI is in a downtrend, indicating weak momentum.
Conclusion & Possible Scenarios:
Bullish Scenario: If price holds ₹128-130 support, a reversal toward ₹183, ₹240, or higher could occur.
Bearish Scenario: If price breaks below ₹128, it may test ₹100 or lower.
Watch for: Reversal signals, RSI improvement, and break above ₹142 for bullish 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.