HAVELLS : Connecting for recoveryHavells India Ltd. (HAVELL’S) - Bullish Reversal Zones & Targets
Key Levels and Zones :
Current Price: ₹1,649.90 (-₹26.50, -1.58%)
Support and Buying Zones:
Extended Retracement Zone: ₹1,574.50 - ₹1,632.95
Golden Retracement Zone: ₹1,629.30 - ₹1,683.35
Target Zones:
First Target Zone: ₹1,821 - ₹1,839
Second Target Zone: ₹1,994.00
Stop Loss: ₹1,594.55
Chart Analysis :
Wave Patterns: The chart showcases an ABC correction pattern suggesting a potential bullish move.
Wave A: Initial decline marking the first corrective phase.
Wave B: Temporary upward movement.
Wave C: Anticipated upward rally within the target zones.
Volume Activity: High trading volume at 548.91K indicates significant market interest.
Trade Plan :
Entry Point:
Long positions can be considered within the extended retracement zone (₹1,574.50 - ₹1,632.95) or the golden retracement zone (₹1,629.30 - ₹1,683.35).
Targets:
First Target Zone: ₹1,821 - ₹1,839.
Second Target Zone: ₹1,994.00 for extended gains.
Stop Loss: Place a stop loss at ₹1,594.55 to manage downside risk.
Conclusion :
The daily chart of Havells India Ltd. identifies critical support and resistance levels, creating a robust framework for strategic trading. Traders can capitalize on potential bullish reversals for profitable opportunities while maintaining a favorable risk-reward ratio.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your research or consult with a financial advisor before investing.
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