PFC: Bullish Breakout with Raghanseda Project Development 1.Chart Pattern:
The stock has broken out of a downward-sloping trendline after a prolonged consolidation phase within a rectangle pattern (yellow box).
This breakout is supported by higher volumes, signaling strong buying interest.
2.Fundamental Trigger:
Power Finance Corporation has incorporated an SPV for the Raghanseda Transmission Project, enhancing its growth outlook.
3.Technical Levels:
Current Price: ₹512.20
Immediate Support: ₹499.95 (near breakout zone).
Critical Stop-Loss: ₹472.95 (below previous support).
Upside Targets: ₹527.45 (minor resistance) and ₹556.00 (major target, ~11% upside potential).
4.Indicators:
RSI is trending upwards, indicating positive momentum but not overbought.
Moving averages are aligning for a bullish crossover, supporting further upside.
5.Projection:
If the price sustains above ₹500, we could witness a rally towards ₹556 in the near term.
Traders may consider entering on pullbacks near ₹500 with a stop-loss at ₹472.95.
Risk Disclaimer: This is for educational purposes only. Conduct your own research before making any trading decisions.