Right now, it is completing a descending triangle breakout, which is a bullish pattern.
The stock has been consolidating for the past 4 months in a tight range, building strength for a breakout.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price breaks to the upside, there is a high probability that the stock will reach the ₹98.63 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹76.66, we can achieve the target with
Risk: Reward :: 1 : 2.49
Support Levels:
🔹 ₹72.44 – Strong support zone
🔹 ₹70.11 – Previous low acting as support
🔹 ₹69.21 – Secondary support in case of a pullback
Resistance Levels:
🔹 ₹76.66 – Immediate breakout level
🔹 ₹85.35 – Previous high acting as resistance
🔹 ₹98.63 – Final target zone
Reasons:
✅ Consolidation for 4 months, leading to a strong breakout setup
✅ Descending Triangle Breakout
✅ Support at ₹72.44 holding strong
✅ Wait for RSI to cross 60 for confirmation
✅ First breakout attempt after listing drop
✅ High volume surge, indicating strong buying interest
✅ Price > 50 EMA and approaching trendline resistance
Verdict:
Bullish
Plan of Action:
Enter once the breakout is confirmed to the upside.
BUY: ₹76.66
Stoploss: ₹72.44
Target: ₹98.63
Trailing SL: ₹5–₹8 once price crosses ₹85
The stock has been consolidating for the past 4 months in a tight range, building strength for a breakout.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price breaks to the upside, there is a high probability that the stock will reach the ₹98.63 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹76.66, we can achieve the target with
Risk: Reward :: 1 : 2.49
Support Levels:
🔹 ₹72.44 – Strong support zone
🔹 ₹70.11 – Previous low acting as support
🔹 ₹69.21 – Secondary support in case of a pullback
Resistance Levels:
🔹 ₹76.66 – Immediate breakout level
🔹 ₹85.35 – Previous high acting as resistance
🔹 ₹98.63 – Final target zone
Reasons:
✅ Consolidation for 4 months, leading to a strong breakout setup
✅ Descending Triangle Breakout
✅ Support at ₹72.44 holding strong
✅ Wait for RSI to cross 60 for confirmation
✅ First breakout attempt after listing drop
✅ High volume surge, indicating strong buying interest
✅ Price > 50 EMA and approaching trendline resistance
Verdict:
Bullish
Plan of Action:
Enter once the breakout is confirmed to the upside.
BUY: ₹76.66
Stoploss: ₹72.44
Target: ₹98.63
Trailing SL: ₹5–₹8 once price crosses ₹85
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.
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.