Trade Idea for HAVELLS INDIA LTDTimeframe: 4H Chart
Technical Analysis:
Falling Channel Breakout Setup : The stock has been trading inside a downward-sloping channel. A breakout from this channel could lead to a strong upward move.
Key Levels:
Entry Zone: Around ₹1,540 - ₹1,560 (Breakout confirmation above resistance).
Stop Loss (SL): Below ₹1,468 (Last swing low).
Target Levels (T1, T2, T3):
T1: ₹1,680 (First resistance zone).
T2: ₹1,760 (Major resistance).
T3: ₹1,920 (Previous high zone).
RSI Indicator: The RSI is recovering from the oversold region, indicating bullish momentum.
Volume Analysis: Volume is increasing, which supports the possibility of a breakout.
This setup presents a bullish breakout trade from a falling channel with potential upside targets of ₹1,680, ₹1,760, and ₹1,920. A stop-loss below ₹1,468 is recommended to manage risk.