BANCOINDIA BANCO PRODUCTS (I) LTD – Cup & Handle Breakout with Volume Confirmation!
Stock: BANCO PRODUCTS (NSE: BANCO)
Chart Type: 1D Heikin Ashi
Pattern: Cup and Handle
Breakout Confirmation: Strong Volume Spike
Caught at 472
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Technical Breakdown:
A classic Cup and Handle pattern has formed and just broken out with a powerful bullish candle backed by significant volume. This is a textbook breakout!
Breakout Zone: ₹500–₹520
Immediate Resistance: ₹578 and ₹603
Support Levels: ₹501.95 and ₹472.60
Target Projection: ₹62.90 upside from breakout zone (~11.5%)
The price also followed a rising channel leading up to the breakout – adding extra confluence to the setup.
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What I’m Watching Next:
A potential retest of the breakout zone (₹500–₹520) before the next leg up.
Profit-booking zones near key resistances ₹578 and ₹603.
Trailing SL below ₹500 for risk management.
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Sentiment:
Bullish, with caution for retest and overhead resistance.