Observations:
Rising Wedge Pattern:
The stock is trading within a rising wedge, a bearish pattern indicating a potential reversal or breakdown.
Currently, price is at the lower trendline of the wedge — a crucial support zone.
Bearish Candlestick:
A strong red candle has formed, suggesting selling pressure.
It’s testing the wedge’s lower support and very close to breaking down.
Volume:
Volume seems to be rising on red candles (selling), suggesting stronger bearish conviction.
Support Levels Below:
Immediate support: ₹8,613.50 (blue horizontal line).
If it breaks, next key levels are:
₹7,806.25
₹7,024.90
₹6,753.30
Potential Price Action Scenarios:
1. Bearish Breakdown (High Probability):
If the price breaks below ₹8,613.50 with strong volume, expect a drop toward ₹7,800 or lower.
This would confirm the breakdown of the rising wedge pattern.
2. Support Bounce (Low Probability):
If the price finds support exactly at the trendline and ₹8,613.50, a short-term bounce toward ₹8,800–₹9,000 is possible.
However, the upside looks limited due to the pattern.
Conclusion:
️ Caution is advised: The chart structure and volume behavior suggest that a breakdown is likely.
A daily close below ₹8,613 would confirm the bearish move.
Use a stop-loss if you’re holding long positions.