The price has shown a recovery after a sharp downtrend and is currently trading around the ₹380–₹385 zone. The recent price action indicates strength with higher lows, suggesting a potential reversal if the price sustains above the current resistance.
The key demand/support zone lies near ₹362 – ₹371, which can act as a base on pullbacks.
Trade Plan
Entry Zone:
₹375 – ₹385 (on consolidation or breakout above ₹385)
Stop Loss:
₹362.95 (below key demand zone / invalidation level)
Primary Targets:
₹406.90 (near-term resistance level)
₹442.90 (major resistance level)
₹460.55 (extended target)
₹477.75 – ₹478.55 (final target if momentum continues)
Chart Observations
• Price has formed a higher low after a strong correction, indicating recovery.
• The ₹362 – ₹371 zone is acting as a strong demand area.
• Current price action near ₹385 suggests a breakout setup.
• ₹406 is the immediate resistance where price may face selling pressure.
• A breakout above ₹406 can push the price toward ₹442 and higher levels.
• Structure indicates a potential trend reversal from bearish to bullish.
Notes
• This is a reversal + breakout setup — confirmation above ₹385 is important.
• The stop loss at ₹362.95 helps manage downside risk effectively.
• Traders may consider partial profit booking near ₹406 and trail positions for higher targets.
Disclaimer
This idea is for educational purposes only and not financial or investment advice. Markets are volatile and conditions can change quickly. Always do your own analysis and apply proper risk management before taking any trades.