📊 Chart Overview:
Current Market Price (CMP): ₹2,996.60
Previous Resistance Level: Around ₹2,878.35 (now potentially acting as support)
Recent Price Action:
Strong bullish breakout above previous resistance.
Followed by a red candle (possible profit booking or retest of breakout zone).
🔍 Technical Insights:
Breakout Confirmation Zone:
The price has broken out from a previous resistance zone (~₹2,878) with strong momentum.
It's now hovering slightly above this level.
Volume Analysis:
Volume on the breakout was significantly higher than average (suggesting strength).
Pullback candle shows reduced volume, indicating it may just be a minor correction.
Trend Structure:
Higher highs and higher lows forming since February 2025 — clear uptrend.
Retest of breakout zone may offer a low-risk entry.
📈 Suggested Trade Plan (Short-Term Swing)
✅ Entry:
Ideal Buy Zone: ₹2,930 – ₹2,975 (on a retest or small dip near breakout support at ₹2,878)
Confirmation Entry: Above ₹3,025 with strong volume (if price bounces strongly from here)
🎯 Target Levels:
T1: ₹3,150 (recent swing high)
T2: ₹3,300 (psychological round level)
T3: ₹3,450 (Fibonacci extension zone, if momentum continues)
🛑 Stop-Loss:
Conservative SL: ₹2,870 (below breakout support)
Aggressive SL: ₹2,825 (below last swing low from April)
🔄 Alternate Scenario:
If the price breaks below ₹2,870 with strong volume, avoid long entries. Wait for stability or signs of reversal before re-entering
Current Market Price (CMP): ₹2,996.60
Previous Resistance Level: Around ₹2,878.35 (now potentially acting as support)
Recent Price Action:
Strong bullish breakout above previous resistance.
Followed by a red candle (possible profit booking or retest of breakout zone).
🔍 Technical Insights:
Breakout Confirmation Zone:
The price has broken out from a previous resistance zone (~₹2,878) with strong momentum.
It's now hovering slightly above this level.
Volume Analysis:
Volume on the breakout was significantly higher than average (suggesting strength).
Pullback candle shows reduced volume, indicating it may just be a minor correction.
Trend Structure:
Higher highs and higher lows forming since February 2025 — clear uptrend.
Retest of breakout zone may offer a low-risk entry.
📈 Suggested Trade Plan (Short-Term Swing)
✅ Entry:
Ideal Buy Zone: ₹2,930 – ₹2,975 (on a retest or small dip near breakout support at ₹2,878)
Confirmation Entry: Above ₹3,025 with strong volume (if price bounces strongly from here)
🎯 Target Levels:
T1: ₹3,150 (recent swing high)
T2: ₹3,300 (psychological round level)
T3: ₹3,450 (Fibonacci extension zone, if momentum continues)
🛑 Stop-Loss:
Conservative SL: ₹2,870 (below breakout support)
Aggressive SL: ₹2,825 (below last swing low from April)
🔄 Alternate Scenario:
If the price breaks below ₹2,870 with strong volume, avoid long entries. Wait for stability or signs of reversal before re-entering
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.