Cholamandalam Finance Near Key Support – Bullish Reversal SetupCholamandalam Finance Near Key Support – Bullish Reversal Setup
4/1/24 Daily/Weekly Analysis
CHOLAHLDNG is currently trading near a strong support zone of around ₹1,309.30, reinforced by a diagonal support trendline. Technical indicators suggest the stock is bullish and undervalued, with TradingView scans supporting this view.
Key Levels:
Buy Entry: Around ₹1,552.75, with a stop-loss below ₹1,309.30 to manage risk.
First Target: ₹2,154.95, where the price may encounter resistance.
Second Target: ₹2,363.50, for extended gains if the uptrend continues.
Technical Setup:
Support: The ₹1,309.30 level has been strong support, confirmed by multiple touchpoints.
Trendline Analysis: The price is maintaining a bullish channel, suggesting a potential continuation.
Risk-Reward: The stop-loss at ₹1,309.30 limits downside risk, while the upside targets provide a favourable reward.
This setup offers a promising swing trade opportunity, with strong support levels and potential for upward movement. Monitoring price action near resistance levels will be crucial.
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Trading in the stock market involves risks, and it is important to conduct your own research or consult with a financial advisor before making investment decisions. Past performance is not indicative of future results. Always trade with risk management strategies in place.
