📊 Technical Breakdown – Ramkrishna Forgings
🔍 Key Observations:
Current Price: ₹623.90
Price Action:
Strong bullish candle today (+7.02%) closing above previous resistance zone.
2-day move = ₹56.55 gain (~9.06%) — shows strong momentum.
Volume: 8.03M – a significant spike compared to recent sessions → likely institutional buying.
Indicators:
Price is breaking out from a tight consolidation zone.
Appears to be a Bollinger Band breakout and possibly a Donchian Channel breakout.
🔼 Bullish Breakout Confirmation
The breakout from the ₹610–₹620 zone with strong volume and body close above is a classic breakout setup.
The chart shows a measured move box (projection) up to ~₹675–₹690 zone — possible first target range.
✅ Stage Identification
Stage 2 – Start of New Uptrend
Consolidation followed by a volume breakout = early Stage 2.
Price now trades above 20-DMA and likely close to crossing longer-term averages.
🧠 Trading Plan
Action Type Entry SL Target Range
Aggressive Long CMP ₹623.90 or dips to ₹615 ₹595 (below support zone) ₹675–₹690 (short-term)
Conservative Wait for closing above ₹635 ₹610 ₹700–₹725 (medium-term)
📌 Summary Table
Metric Value/Observation
Trend Turning Bullish (Stage 2 breakout)
Volume Highest in months – confirms strength
Breakout Level ₹620
Next Resistance ₹675–690 zone
Stop-loss (Swing) ₹595
🔍 Key Observations:
Current Price: ₹623.90
Price Action:
Strong bullish candle today (+7.02%) closing above previous resistance zone.
2-day move = ₹56.55 gain (~9.06%) — shows strong momentum.
Volume: 8.03M – a significant spike compared to recent sessions → likely institutional buying.
Indicators:
Price is breaking out from a tight consolidation zone.
Appears to be a Bollinger Band breakout and possibly a Donchian Channel breakout.
🔼 Bullish Breakout Confirmation
The breakout from the ₹610–₹620 zone with strong volume and body close above is a classic breakout setup.
The chart shows a measured move box (projection) up to ~₹675–₹690 zone — possible first target range.
✅ Stage Identification
Stage 2 – Start of New Uptrend
Consolidation followed by a volume breakout = early Stage 2.
Price now trades above 20-DMA and likely close to crossing longer-term averages.
🧠 Trading Plan
Action Type Entry SL Target Range
Aggressive Long CMP ₹623.90 or dips to ₹615 ₹595 (below support zone) ₹675–₹690 (short-term)
Conservative Wait for closing above ₹635 ₹610 ₹700–₹725 (medium-term)
📌 Summary Table
Metric Value/Observation
Trend Turning Bullish (Stage 2 breakout)
Volume Highest in months – confirms strength
Breakout Level ₹620
Next Resistance ₹675–690 zone
Stop-loss (Swing) ₹595
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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.
Related publications
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.