Technical Analysis Summary:
✅ Breakout Structure: Price is attempting a breakout from a consolidation zone near ₹503 after a strong bullish rally.
📊 Fibonacci Confluence:
Fibonacci retracement plotted from swing high to swing low.
Key retracement levels respected — especially the 0.618 zone at ₹480.15, which aligns with the hourly support area.
🟩 Buying Area Identified:
Green zone (₹470–₹485) marked as strong support — previously tested multiple times.
Price bounced from this level with volume confirmation.
📈 RSI Momentum: RSI is trending above 60, indicating strong momentum buildup.
Trade Plan (For Educational Use):
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Entry: On sustained close above ₹503 or retest near ₹485 zone with volume support.
Stop-Loss: Below ₹471 or swing low.
Targets:
T1: ₹508 (Fibo 1.0)
T2: ₹553 (Fibo 1.618)
Trail beyond with SL moved to cost.
⚠️ Disclaimer:
This chart idea is for educational purposes only and should not be considered investment advice. Please do your own research and consult a financial advisor before making any trading decisions. Trade at your own risk.
✅ Breakout Structure: Price is attempting a breakout from a consolidation zone near ₹503 after a strong bullish rally.
📊 Fibonacci Confluence:
Fibonacci retracement plotted from swing high to swing low.
Key retracement levels respected — especially the 0.618 zone at ₹480.15, which aligns with the hourly support area.
🟩 Buying Area Identified:
Green zone (₹470–₹485) marked as strong support — previously tested multiple times.
Price bounced from this level with volume confirmation.
📈 RSI Momentum: RSI is trending above 60, indicating strong momentum buildup.
Trade Plan (For Educational Use):
=================================
Entry: On sustained close above ₹503 or retest near ₹485 zone with volume support.
Stop-Loss: Below ₹471 or swing low.
Targets:
T1: ₹508 (Fibo 1.0)
T2: ₹553 (Fibo 1.618)
Trail beyond with SL moved to cost.
⚠️ Disclaimer:
This chart idea is for educational purposes only and should not be considered investment advice. Please do your own research and consult a financial advisor before making any trading decisions. Trade at your own risk.
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.