Trend Line:
The price has respected a long-term ascending trendline, confirming a strong bullish momentum over previous months.
The recent correction is approaching this trendline again — a typical area for potential bounce/reversal.
Break of Structure (BOS):
A BOS was noted after price created a new higher high, confirming continuation of the bullish structure.
Now, price is retracing to mitigate previous imbalances (FVG) — a healthy sign in an uptrend.
Fair Value Gap (FVG) in Discount Zone:
The FVG zone (around ₹6,400–₹6,600) aligns with the discount zone (below 50% of the previous impulse leg), making it an ideal buy zone for swing traders.
Expect liquidity grab or consolidation around this area before next leg up.
Resistance & Target Levels:
Immediate Resistance: ₹6,834.50 (needs breakout confirmation).
Next Major Resistance / Target: ₹7,832.75 (previous swing high).
Beyond that, price could aim for new all-time highs if momentum continues.
Possible Scenarios:
Bullish Case:
Price retests FVG and bullish trendline → forms reversal candle → breaks above ₹6,834 → potential rally towards ₹7,800+.
Bearish Case:
If price breaks and closes below ₹6,400 (trendline + FVG invalidation) → deeper retracement toward ₹6,000–₹5,800 zone.
⚙️ Trading Plan (for analysis purpose only)
Direction Entry Zone Stop-Loss Target 1 Target 2 Bias
Long ₹6,450–₹6,650 ₹6,300 ₹7,000 ₹7,800 Bullish
The price has respected a long-term ascending trendline, confirming a strong bullish momentum over previous months.
The recent correction is approaching this trendline again — a typical area for potential bounce/reversal.
Break of Structure (BOS):
A BOS was noted after price created a new higher high, confirming continuation of the bullish structure.
Now, price is retracing to mitigate previous imbalances (FVG) — a healthy sign in an uptrend.
Fair Value Gap (FVG) in Discount Zone:
The FVG zone (around ₹6,400–₹6,600) aligns with the discount zone (below 50% of the previous impulse leg), making it an ideal buy zone for swing traders.
Expect liquidity grab or consolidation around this area before next leg up.
Resistance & Target Levels:
Immediate Resistance: ₹6,834.50 (needs breakout confirmation).
Next Major Resistance / Target: ₹7,832.75 (previous swing high).
Beyond that, price could aim for new all-time highs if momentum continues.
Possible Scenarios:
Bullish Case:
Price retests FVG and bullish trendline → forms reversal candle → breaks above ₹6,834 → potential rally towards ₹7,800+.
Bearish Case:
If price breaks and closes below ₹6,400 (trendline + FVG invalidation) → deeper retracement toward ₹6,000–₹5,800 zone.
⚙️ Trading Plan (for analysis purpose only)
Direction Entry Zone Stop-Loss Target 1 Target 2 Bias
Long ₹6,450–₹6,650 ₹6,300 ₹7,000 ₹7,800 Bullish
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.