. Double Bottom Formation (Weekly TF):
1. This classic reversal pattern indicates a strong demand zone.
It occurred in the Weekly Fair Value Gap (FVG) Discount Zone, which adds strength to the support.
Volume spike confirms institutional interest.
📉 2. MSS (Market Structure Shift):
MSS shown marks a break of bearish structure, indicating potential trend reversal.
Higher lows forming → early sign of bullish intent.
📈 3. Targets:
Target-1: ₹904.80
Previous strong resistance; partial booking can be considered here.
Target-2: ₹1,047.85 – ₹1,100
All-time high zone; major resistance and potential exit zone for long trades.
At current level (₹712.95), early entry is missed, but if it consolidates above MSS, re-entry or add-on is possible on retest.
Watch for any pullback to ₹660–₹680 zone (near MSS and minor FVG) as a potential entry.
📊 Volume Analysis:
Huge Volume spike near bottom signals accumulation.
Price rising with volume = bullish confirmation.
🎯 Strategy Summary (For a Swing Position):
Aspect Observation
Trend Transitioning from Bearish → Bullish
Pattern Double Bottom (Reversal)
Entry Zone ₹660–₹680 (ideal pullback)
SL (Stop Loss) Below ₹580 (bottom support)
Target 1 ₹905 (Partial Booking)
Target 2 ₹1,050–₹1,100 (Final Booking)
Risk-Reward Good (if entering on pullback)
⚠️ Risk Note:
Ensure proper stop loss and position sizing, especially since the stock has already moved up ~13.92% this week.
Wait for minor consolidation or pullback for safer entry if missed the base.
1. This classic reversal pattern indicates a strong demand zone.
It occurred in the Weekly Fair Value Gap (FVG) Discount Zone, which adds strength to the support.
Volume spike confirms institutional interest.
📉 2. MSS (Market Structure Shift):
MSS shown marks a break of bearish structure, indicating potential trend reversal.
Higher lows forming → early sign of bullish intent.
📈 3. Targets:
Target-1: ₹904.80
Previous strong resistance; partial booking can be considered here.
Target-2: ₹1,047.85 – ₹1,100
All-time high zone; major resistance and potential exit zone for long trades.
At current level (₹712.95), early entry is missed, but if it consolidates above MSS, re-entry or add-on is possible on retest.
Watch for any pullback to ₹660–₹680 zone (near MSS and minor FVG) as a potential entry.
📊 Volume Analysis:
Huge Volume spike near bottom signals accumulation.
Price rising with volume = bullish confirmation.
🎯 Strategy Summary (For a Swing Position):
Aspect Observation
Trend Transitioning from Bearish → Bullish
Pattern Double Bottom (Reversal)
Entry Zone ₹660–₹680 (ideal pullback)
SL (Stop Loss) Below ₹580 (bottom support)
Target 1 ₹905 (Partial Booking)
Target 2 ₹1,050–₹1,100 (Final Booking)
Risk-Reward Good (if entering on pullback)
⚠️ Risk Note:
Ensure proper stop loss and position sizing, especially since the stock has already moved up ~13.92% this week.
Wait for minor consolidation or pullback for safer entry if missed the base.
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.