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Key Technical Observations:
• A clear downtrend remained intact until 17 March 2026 (Point A).
• Between 17 and 30 March 2026, price entered a consolidation phase (Point B).
• On 8 April 2026, price showed its first meaningful sign of strength accompanied by above-average volume.
• The move from Point B to Point C (7 May 2026) developed into a sharp upside rally with strong volume participation.
• After the rally, price corrected on comparatively lower participation and later reacted near the previous demand area.
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Understanding the Price Story:
• Point A represents the first visible attempt to slow the prevailing selling pressure.
• The region between Point A and Point B appears to be an area where sell-side supply was gradually absorbed.
• The impulsive rally from Point B to Point C suggests the possibility of a temporary sell-side liquidity vacuum, allowing price to advance rapidly.
• Based on current price behaviour, the 75–83 zone can be treated as a working hypothesis for a potential accumulation area rather than a confirmed fact.
• The recent decline may indicate reduced buying activity, while the latest reaction near this zone suggests buyers are still willing to defend it.
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What Needs Further Confirmation?
Before developing a bullish bias, I would prefer to observe:
• A Hammer, Bullish Engulfing, or Strong Bullish Marubozu forming within the ₹75–83 zone.
• A high-volume bullish session followed by narrow-range candles, indicating sustained demand rather than a one-day spike.
• Daily RSI reclaiming and sustaining above the 50 level.
• Price closing back above ₹83 on a daily basis.
• Price closing below ₹74 on a daily basis, invalidates the hypothesis.
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Educational Takeaway:
This analysis is purely observational and demonstrates how market participants can build a hypothesis by combining price structure, volume behaviour, and market context. The objective is not to predict the future but to continuously validate or invalidate the hypothesis as new price data becomes available.
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This is for educational purposes only and should not be considered investment 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.