Piramal Pharma (1 Hour Chart) - Technical Analysis
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Chart Overview:
Descending Triangle Pattern: The stock is forming a descending triangle, which is a bearish pattern but can break in either direction. The price is compressing between resistance at the downward-sloping trendline and support at around ₹222.
Resistance Zone: Around ₹230.
Support Zone: The stock has strong support near ₹222, as indicated by multiple rejections from that level.
Volume:
The volume is relatively low but steady, suggesting that a breakout could be imminent. A rise in volume could validate the move in either direction.
Potential Scenarios:
Bullish Breakout: A close above the ₹230 resistance could trigger a move towards the ₹240-₹245 zone.
Bearish Breakdown: A close below ₹222 could lead to a deeper correction, with support at ₹215 or lower.
Disclaimer: This analysis is for educational purposes and not financial advice.
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Chart Overview:
Descending Triangle Pattern: The stock is forming a descending triangle, which is a bearish pattern but can break in either direction. The price is compressing between resistance at the downward-sloping trendline and support at around ₹222.
Resistance Zone: Around ₹230.
Support Zone: The stock has strong support near ₹222, as indicated by multiple rejections from that level.
Volume:
The volume is relatively low but steady, suggesting that a breakout could be imminent. A rise in volume could validate the move in either direction.
Potential Scenarios:
Bullish Breakout: A close above the ₹230 resistance could trigger a move towards the ₹240-₹245 zone.
Bearish Breakdown: A close below ₹222 could lead to a deeper correction, with support at ₹215 or lower.
Disclaimer: This analysis is for educational purposes and not financial advice.
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