1. Pattern Analysis - Rectangle Pattern (10 Months) - The chart showcases a well-defined Rectangle Pattern, a consolidation phase that has lasted for 10 months. - The upper boundary of the rectangle is at ₹372, which acts as a resistance level, while the lower boundary is near ₹280, serving as strong support. - The price is attempting to break out of the rectangle, with a potential move higher if the breakout sustains.
2. Volume Analysis - Volume and Price Action - Significant volume spikes are observed during recent price movements, especially during the breakout attempt. - This increase in volume validates the breakout signal, suggesting strong buying interest. - The earlier accumulation phase within the rectangle pattern also exhibited gradual volume buildup, indicating institutional participation.
3. Price Analysis - Current Price Action - The stock closed at ₹372, up 6.23% in the last session, indicating strong bullish momentum. - The breakout from the rectangle is accompanied by sharp price action, further confirming the bullish trend. - Candlestick Patterns - Recent bullish candlesticks with long bodies and minimal wicks highlight sustained buying pressure near resistance levels.
4. Validation of Bullish Signal - Breakout Confirmation - A decisive close above ₹372 on high volume confirms the rectangle breakout, signaling the continuation of the uptrend. - Sustaining above ₹372 in the coming sessions will be crucial for validating the bullish move. - Key Levels - Support Levels: ₹280 (rectangle base) and ₹320 (midpoint of rectangle). - Resistance Level: ₹372 (breakout level).
5. Entry Point Determination - Recommended Entry: A buy signal is triggered if the stock sustains above ₹372 with continued volume support.
6. Target Setting - Pattern Target - The height of the rectangle (~₹92, from ₹280 to ₹372) is added to the breakout level (₹372). - Target Price: ₹464.
7. Stop Loss Placement - Recommended Stop Loss: Place the stop loss at ₹340, slightly below the breakout level, to protect against false breakouts.
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