breakout the ipo
🎮 **Nazara Technologies Ltd (NSE)** – 🚀 *On the Verge of a Big Move?* 🚀
### 🏛️ **Chart Breakdown:**
1. **The IPO High Resistance 📊:**
Nazara Technologies’ **IPO high** was marked around **₹1,049**, a level it initially struggled to break past. After a rollercoaster ride, the stock is now retesting this crucial resistance.
2. **Cup & Handle Pattern 🏆:**
As discussed before, the **Cup** formed from **2022 to 2023**, creating a solid base for the stock.
After that, we saw the **Handle** shape up around **₹880** to **₹950** in mid-2024. This bullish structure signaled potential strength.
3. **Zoom in on the Final Consolidation Zone 🔍:**
The **highlighted consolidation zone** (the box on the chart) represents the final resting phase before a **breakout**.
This area spans from **₹997 to ₹1,049**, right at the previous **IPO high**.
**Why is this consolidation important?**
It shows that **buyers and sellers are in a tight battle** after the stock approached its previous high.
**Lower volatility in this range** indicates that the stock is **preparing for a decisive move** — either a breakout above ₹1,049 or a pullback.
The stock is **coiling up** for its next move, much like a spring that’s waiting to release energy. ⚡
4. **Volume Surge Confirmation 💥:**
The volume in the last few weeks is rising, particularly the **week of September 2024** where we see a **significant spike** in buying activity. This is a strong bullish signal, as it suggests the market is ready to push the stock higher with significant force. 📊💪
### 🎯 **What to Watch Next:**
Breakout Watch 📈:**
If the stock can close **decisively above ₹1,049**, this consolidation would serve as the launchpad for the next rally. 📊
Short-term **target** could be around **₹1,250-₹1,350** if the breakout is successful. 🚀
**Support Levels (In Case of Pullback) 🔑:**
If the breakout fails, look for the stock to retest **₹997**, the **bottom of the consolidation box**, which will act as immediate support.
**Price Range**: ₹997 - ₹1,049
**Action**: A **break above ₹1,049** on strong volume could trigger a new rally!
**Risk Management**: Keep an eye on ₹997 as the **key support**.
⚠️ *Disclaimer*: This is **NOT a buy or sell recommendation**. Educational purposes only. Always do your own research! 📚💡
