Entry Zone: We recommend accumulating FSL in the zone of ₹375 - ₹385.
Target 1 (T1): ₹405
Target 2 (T2): ₹420
Target 3 (T3): ₹450 (If momentum sustains above T2)
Stop Loss (SL): ₹360 (Closing basis)
Rationale:
Channel Breakout: The stock has successfully broken out of a prominent descending channel, indicating a potential shift in momentum from bearish to bullish. This breakout is supported by decent volumes on the breakout candle.
RSI Confirmation: The Relative Strength Index (RSI) has shown a strong move above the 50-mark and is trending upwards, suggesting increasing buying interest and underlying strength.
Support from Previous Levels: The breakout retests appear to hold the previous resistance now acting as support, which is a classic bullish reversal pattern.
Risk-Reward: The current setup offers a favorable risk-to-reward ratio for short-term traders.
Key Risk: A close below ₹360 would negate the current bullish view and could lead to further downside. Traders should adhere strictly to the stop-loss.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Equity investments are subject to market risks.
Target 1 (T1): ₹405
Target 2 (T2): ₹420
Target 3 (T3): ₹450 (If momentum sustains above T2)
Stop Loss (SL): ₹360 (Closing basis)
Rationale:
Channel Breakout: The stock has successfully broken out of a prominent descending channel, indicating a potential shift in momentum from bearish to bullish. This breakout is supported by decent volumes on the breakout candle.
RSI Confirmation: The Relative Strength Index (RSI) has shown a strong move above the 50-mark and is trending upwards, suggesting increasing buying interest and underlying strength.
Support from Previous Levels: The breakout retests appear to hold the previous resistance now acting as support, which is a classic bullish reversal pattern.
Risk-Reward: The current setup offers a favorable risk-to-reward ratio for short-term traders.
Key Risk: A close below ₹360 would negate the current bullish view and could lead to further downside. Traders should adhere strictly to the stop-loss.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Equity investments are subject to market risks.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.