Nerolac Paints: Can Resistance Turn to Support?
Technical Analysis of Kansai Nerolac Paints:
Nerolac Paints accumulation phase was followed by a healthy 10% move with high trading volumes. The stock has also demonstrated strength in weekly momentum, with above-average post-breakout volumes, also referred to as supporting volumes, indicating sustained buyer interest. A minor resistance at 300 has now turned into a minor support level.
The next key levels to watch are Resistance 1 at 357 and Resistance 2 at 425. However, any correction in the Nifty index could extend the time required to reach these targets.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
Nerolac Paints accumulation phase was followed by a healthy 10% move with high trading volumes. The stock has also demonstrated strength in weekly momentum, with above-average post-breakout volumes, also referred to as supporting volumes, indicating sustained buyer interest. A minor resistance at 300 has now turned into a minor support level.
The next key levels to watch are Resistance 1 at 357 and Resistance 2 at 425. However, any correction in the Nifty index could extend the time required to reach these targets.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
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