The stock was seen bouncing off an active support/resistance zone of INR4350-4450.
This very zone has been an active zone for the stock since Aug.2022, with several attempts made by both buyers and sellers to breach it.
The sellers in fact were able to breach this zone in March 2023 but looks like the buyers would not give up even then.
After a tough battle of 1.5months the buyers not only brought the price back above the S/R zone but managed to ignite a 35% rally to the upside.
The stock after finding a new supply zone at INR5250-5350 was back to the previously active zone of INR 4350-4450 and was seen reversing quite sharply from the past 3 trading sessions.
Now one should keep an eye at 4700 as once the stock is able to close above this mark the rally could get even stronger and the buyers could target the IBR 5800-6000 zone this time around.
CMP - 4675
SL - 4500
Target1 - 5350
Target 2 - 5800(RR 1:5)
This very zone has been an active zone for the stock since Aug.2022, with several attempts made by both buyers and sellers to breach it.
The sellers in fact were able to breach this zone in March 2023 but looks like the buyers would not give up even then.
After a tough battle of 1.5months the buyers not only brought the price back above the S/R zone but managed to ignite a 35% rally to the upside.
The stock after finding a new supply zone at INR5250-5350 was back to the previously active zone of INR 4350-4450 and was seen reversing quite sharply from the past 3 trading sessions.
Now one should keep an eye at 4700 as once the stock is able to close above this mark the rally could get even stronger and the buyers could target the IBR 5800-6000 zone this time around.
CMP - 4675
SL - 4500
Target1 - 5350
Target 2 - 5800(RR 1:5)