Indian Railway Finance Corporation Ltd (NSE: IRFC) (20th August
Recent Price Action: IRFC has been trading in a consolidated range after reaching a high near ₹230. The stock is currently priced at ₹180.17, showing a minor decline of 0.78% today.
Consolidation Phase:
The stock is currently in a consolidation phase, trading between the support of ₹172.64 and resistance of ₹190.72. This sideways movement indicates indecision in the market, as neither the bulls nor the bears are taking full control.
Volume analysis shows a reduction in trading activity, a common characteristic during consolidation phases, as traders await a breakout from this range.
Support Levels:
Immediate Support: ₹172.64 (100-Day EMA) is crucial. If this level holds, it might attract buyers looking for a potential bounce.
Long-Term Support: ₹146.34 (200-Day EMA) remains a strong support, and any significant decline could find buying interest here.
Resistance Levels:
Immediate Resistance: ₹185.19 (20-Day EMA) is the first hurdle. A break above this could trigger a move towards the 50-Day EMA at ₹190.72.
Major Resistance: ₹200.00 is a psychological level that could be challenging to breach without strong momentum.
Trading Strategy:
For Bulls: Consider entering on a breakout above ₹190.72 with a target of ₹200.00 or higher, placing a stop-loss below ₹172.64.
For Bears: Consider shorting on a breakdown below ₹172.64, with a target around ₹146.34, keeping a stop-loss above ₹185.19.
Consolidation Phase:
The stock is currently in a consolidation phase, trading between the support of ₹172.64 and resistance of ₹190.72. This sideways movement indicates indecision in the market, as neither the bulls nor the bears are taking full control.
Volume analysis shows a reduction in trading activity, a common characteristic during consolidation phases, as traders await a breakout from this range.
Support Levels:
Immediate Support: ₹172.64 (100-Day EMA) is crucial. If this level holds, it might attract buyers looking for a potential bounce.
Long-Term Support: ₹146.34 (200-Day EMA) remains a strong support, and any significant decline could find buying interest here.
Resistance Levels:
Immediate Resistance: ₹185.19 (20-Day EMA) is the first hurdle. A break above this could trigger a move towards the 50-Day EMA at ₹190.72.
Major Resistance: ₹200.00 is a psychological level that could be challenging to breach without strong momentum.
Trading Strategy:
For Bulls: Consider entering on a breakout above ₹190.72 with a target of ₹200.00 or higher, placing a stop-loss below ₹172.64.
For Bears: Consider shorting on a breakdown below ₹172.64, with a target around ₹146.34, keeping a stop-loss above ₹185.19.
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