STRONG BUY Setup 💰
Entry: ₹1,718-1,730 (Current Level)
Target 1: ₹1,756-1,770
Target 2: ₹1,794-1,810
Target 3: ₹1,850-1,880+ (Extended)
Stop Loss: ₹1,672
Technical Rationale:
EXPLOSIVE BREAKOUT from 6-month rectangle consolidation (1,450-1,680 range - blue shaded)
Massive +5.09% surge with exceptional volume spike (4.18M - highlighted with blue arrow)
Breaking above long-term resistance at 1,672-1,680 convincingly
Trading well above rising EMA - strong bullish trend
RSI spiking above 75 - very strong momentum (but watch for overbought)
Volume is highest since July - institutional buying evident
Financial services/insurance sector showing strength
Price action similar to July breakout (noted with green volume bars)
Multiple resistance levels mapped: 1,725, 1,756, 1,794
Clear support established at breakout zone 1,672-1,680
Rectangle breakout pattern - measured move suggests 1,900+ target
Risk-Reward: Excellent 1:4+ ratio for extended targets
Pattern: Rectangle Consolidation Breakout on Daily Chart - highly reliable bullish pattern after 6 months of base building
Strategy: Medium-term swing to positional (weeks to months)
Book 25% at T1 (1,765), 25% at T2 (1,800), trail remaining 50% with SL at 1,730 after T1
Strong momentum could lead to gap-up continuation
Key Levels:
Breakout Zone: 1,672-1,680 (now critical support)
Strong Resistance: 1,725, 1,756, 1,794
Major Support: 1,672, 1,650
Timeframe: Daily chart - suitable for swing/positional traders
Volume Analysis: 4.18M volume - exceptional and highest since July breakout attempt. This confirms strong institutional accumulation
Sector: Financial Services/Life Insurance - Max Life Insurance parent company, benefits from insurance growth story
Measured Move: Rectangle height (~230 points) added to breakout = Target of 1,900-1,910
Historical Context: Similar volume breakout in July led to rally but failed. This time breaking with even stronger momentum and cleaner base.
Disclaimer: For educational purposes only. Not SEBI registered.
Entry: ₹1,718-1,730 (Current Level)
Target 1: ₹1,756-1,770
Target 2: ₹1,794-1,810
Target 3: ₹1,850-1,880+ (Extended)
Stop Loss: ₹1,672
Technical Rationale:
EXPLOSIVE BREAKOUT from 6-month rectangle consolidation (1,450-1,680 range - blue shaded)
Massive +5.09% surge with exceptional volume spike (4.18M - highlighted with blue arrow)
Breaking above long-term resistance at 1,672-1,680 convincingly
Trading well above rising EMA - strong bullish trend
RSI spiking above 75 - very strong momentum (but watch for overbought)
Volume is highest since July - institutional buying evident
Financial services/insurance sector showing strength
Price action similar to July breakout (noted with green volume bars)
Multiple resistance levels mapped: 1,725, 1,756, 1,794
Clear support established at breakout zone 1,672-1,680
Rectangle breakout pattern - measured move suggests 1,900+ target
Risk-Reward: Excellent 1:4+ ratio for extended targets
Pattern: Rectangle Consolidation Breakout on Daily Chart - highly reliable bullish pattern after 6 months of base building
Strategy: Medium-term swing to positional (weeks to months)
Book 25% at T1 (1,765), 25% at T2 (1,800), trail remaining 50% with SL at 1,730 after T1
Strong momentum could lead to gap-up continuation
Key Levels:
Breakout Zone: 1,672-1,680 (now critical support)
Strong Resistance: 1,725, 1,756, 1,794
Major Support: 1,672, 1,650
Timeframe: Daily chart - suitable for swing/positional traders
Volume Analysis: 4.18M volume - exceptional and highest since July breakout attempt. This confirms strong institutional accumulation
Sector: Financial Services/Life Insurance - Max Life Insurance parent company, benefits from insurance growth story
Measured Move: Rectangle height (~230 points) added to breakout = Target of 1,900-1,910
Historical Context: Similar volume breakout in July led to rally but failed. This time breaking with even stronger momentum and cleaner base.
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.