Potential Bullish Setup for Steel Authority of India (SAIL)

Chart Structure:
The stock is moving within a well-defined ascending channel, connecting Common Bottoms and Common Tops over the long term. Currently, the price is bouncing off the lower boundary of this channel, signifying a strong support level.


Key Observations:

1. Doji Candle Formation at support indicates a potential reversal signal. This aligns with the S&R Flip zone, where prior resistance has now become strong support.
   
2. The overall trend remains bullish, as highlighted by the steady uptrends after each Time Correction phase. This suggests continuation towards the upper end of the channel.
   
3. The immediate resistance lies near ₹140, with the Supply Zone observed around ₹220-₹240.

Trade Plan:

Entry: Around current levels near ₹115-₹118, as the price holds the channel support.
Target 1: ₹140 (near-term resistance).
Target 2: ₹190-₹200 (upper channel boundary).
Stop Loss: Below ₹108 (break of channel support and S&R Flip level).

Risk-Reward Ratio: The setup offers an attractive risk-to-reward ratio of approximately 1:3, making it favorable for swing trading.

Caution: A sustained breakdown below ₹108 may invalidate this bullish scenario.

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