NAHARCAPNSE:NAHARCAP
Trend Reversal: After a prolonged downtrend from mid-2022 to late 2023, the price has entered a consolidation phase. The recent breakout above the resistance level and alignment of TEMA lines confirm the start of a potential uptrend.
Bullish Momentum: The current weekly candle shows strong bullish momentum, supported by the TEMA alignment and rising RSI. This indicates that buyers are in control.
Future Upmove Potential:
If the price sustains above ₹370, it could aim for higher levels near ₹400–₹450, as there is minimal resistance between these levels.
Long-term potential could revisit previous highs near ₹500–₹600, provided the momentum sustains.
Risks to Consider:
Overbought Conditions: RSI nearing 70 indicates that the stock might consolidate or correct in the short term.
Support Levels: Immediate supports are around ₹320–₹325 (near TEMA 20) and ₹310 (TEMA 50). A fall below these levels could negate the bullish setup.
