On the weekly timeframe, NHPC is trading near a well-defined demand zone, where price has previously shown buying interest. The stock is currently attempting to stabilize after a corrective phase, indicating potential accumulation at lower levels.
The highlighted zone acts as a strong support area, and as long as price holds above this region, the probability of an upside move remains intact. On the upside, the stock faces a clear resistance zone, which will be a crucial level to watch for supply and profit booking.
If NHPC sustains above the support zone and shows follow-through buying, a move towards the upper resistance levels is possible. However, a decisive breakdown below support would weaken the structure and may invite further downside pressure.
Overall, the setup offers a favorable risk–reward structure, but confirmation through price
action near support is essential before expecting a sustained bullish move.
This analysis is for educational purposes only and not financial advice.
The highlighted zone acts as a strong support area, and as long as price holds above this region, the probability of an upside move remains intact. On the upside, the stock faces a clear resistance zone, which will be a crucial level to watch for supply and profit booking.
If NHPC sustains above the support zone and shows follow-through buying, a move towards the upper resistance levels is possible. However, a decisive breakdown below support would weaken the structure and may invite further downside pressure.
Overall, the setup offers a favorable risk–reward structure, but confirmation through price
action near support is essential before expecting a sustained bullish move.
This analysis is for educational purposes only and not financial advice.
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.