BUY Setup 🛢️
Entry: ₹166.25-166.50 (Current Level)
Target 1: ₹170.05-170.50
Target 2: ₹173.59-174.00
Target 3: ₹176-178 (Extended)
Stop Loss: ₹163.85
Technical Rationale:
Consolidating near resistance at 166.99 level on 1-hour chart
Strong uptrend from 161 to 167 in recent sessions
Trading in tight range (166-167) - coiling for breakout
Volume at 4.95M showing decent participation
RSI around 65-70 zone indicating strength
Price holding above key support at 163.85
PSU oil marketing company with government backing
Crude oil prices stabilizing supporting sector
Multiple resistance levels: 167, 170, 173.59
Clear support structure at 163.85 and 162
Risk-Reward: Favorable 1:3+ ratio
Pattern: Ascending channel + consolidation near resistance on 1H chart - breakout setup
Strategy: Intraday to short-term swing - Book 40% at T1 (170), 30% at T2 (173.50), trail remaining with SL at 167 after T1
Key Levels:
Immediate Resistance: 166.99-167.00 (breakout zone)
Strong Resistance: 170.05, 173.59
Critical Support: 163.85, 162.00
Timeframe: 1-hour chart for short-term traders
Sector: Oil & Gas PSU - relatively stable with dividend yield
Note: Stock at resistance - wait for break above 167 with volume for confirmation, or enter at current support with tight SL
Disclaimer: For educational purposes only. Not SEBI registered.
Entry: ₹166.25-166.50 (Current Level)
Target 1: ₹170.05-170.50
Target 2: ₹173.59-174.00
Target 3: ₹176-178 (Extended)
Stop Loss: ₹163.85
Technical Rationale:
Consolidating near resistance at 166.99 level on 1-hour chart
Strong uptrend from 161 to 167 in recent sessions
Trading in tight range (166-167) - coiling for breakout
Volume at 4.95M showing decent participation
RSI around 65-70 zone indicating strength
Price holding above key support at 163.85
PSU oil marketing company with government backing
Crude oil prices stabilizing supporting sector
Multiple resistance levels: 167, 170, 173.59
Clear support structure at 163.85 and 162
Risk-Reward: Favorable 1:3+ ratio
Pattern: Ascending channel + consolidation near resistance on 1H chart - breakout setup
Strategy: Intraday to short-term swing - Book 40% at T1 (170), 30% at T2 (173.50), trail remaining with SL at 167 after T1
Key Levels:
Immediate Resistance: 166.99-167.00 (breakout zone)
Strong Resistance: 170.05, 173.59
Critical Support: 163.85, 162.00
Timeframe: 1-hour chart for short-term traders
Sector: Oil & Gas PSU - relatively stable with dividend yield
Note: Stock at resistance - wait for break above 167 with volume for confirmation, or enter at current support with tight SL
Disclaimer: For educational purposes only. Not SEBI registered.
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.