Falling Channel (Bullish Pattern)
The stock is currently trading within a descending channel.
A breakout above the upper trendline of this channel could indicate a bullish reversal.
Support & Demand Zones
Discount Zone: Around ₹660–₹680 — strong demand zone, potential area for price reversal.
Order Block: Around ₹690 — aligns with historical consolidation and institutional buying.
FVG (Fair Value Gap): Between ₹690–₹710 — price may fill this gap before a major move.
Immediate Support: ₹720
Next Support: ₹670–₹680
Resistance & Supply Zones
Immediate Resistance: ₹760–₹780 (upper channel boundary).
Premium Zone: Around ₹820–₹840 — potential target zone after breakout.
Volume Analysis
Noticeable increase in volume during prior upswings suggests strong institutional participation.
Recent declines occurred on lower volume, indicating a healthy correction.
📈 Possible Scenarios
Bullish Scenario (High Probability)
If price respects the ₹720 support or the discount zone, and forms a bullish candle or breakout above the upper channel:
Upside Targets:
₹760 (first target)
₹800–₹820 (second target)
₹840 (final target)
Confirmation: Daily candle closing above ₹750–₹760 with volume.
Bearish Scenario (Low Probability)
If price breaks below ₹680, it may retest the ₹640–₹650 zone.
That would invalidate the bullish setup temporarily.
🧭 Trading Plan (for reference only)
TypeEntry ZoneStop-LossTarget 1Target 2Target 3Swing Buy₹700–₹720₹670₹760₹800₹840
⚠️ Conclusion
The stock is currently in a correction phase within a bullish structure. Price action suggests a potential reversal from the discount zone leading to a breakout above the falling channel. Confirmation through volume and breakout candle is key before entering long position
The stock is currently trading within a descending channel.
A breakout above the upper trendline of this channel could indicate a bullish reversal.
Support & Demand Zones
Discount Zone: Around ₹660–₹680 — strong demand zone, potential area for price reversal.
Order Block: Around ₹690 — aligns with historical consolidation and institutional buying.
FVG (Fair Value Gap): Between ₹690–₹710 — price may fill this gap before a major move.
Immediate Support: ₹720
Next Support: ₹670–₹680
Resistance & Supply Zones
Immediate Resistance: ₹760–₹780 (upper channel boundary).
Premium Zone: Around ₹820–₹840 — potential target zone after breakout.
Volume Analysis
Noticeable increase in volume during prior upswings suggests strong institutional participation.
Recent declines occurred on lower volume, indicating a healthy correction.
📈 Possible Scenarios
Bullish Scenario (High Probability)
If price respects the ₹720 support or the discount zone, and forms a bullish candle or breakout above the upper channel:
Upside Targets:
₹760 (first target)
₹800–₹820 (second target)
₹840 (final target)
Confirmation: Daily candle closing above ₹750–₹760 with volume.
Bearish Scenario (Low Probability)
If price breaks below ₹680, it may retest the ₹640–₹650 zone.
That would invalidate the bullish setup temporarily.
🧭 Trading Plan (for reference only)
TypeEntry ZoneStop-LossTarget 1Target 2Target 3Swing Buy₹700–₹720₹670₹760₹800₹840
⚠️ Conclusion
The stock is currently in a correction phase within a bullish structure. Price action suggests a potential reversal from the discount zone leading to a breakout above the falling channel. Confirmation through volume and breakout candle is key before entering long position
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.