Hello There,
GRASIM INDUSTRIES stock is currently trading at it's all time high price at 1454.
The stock has given 15-Minutes breakout today on 31-Mar.
We have attached a screenshot in which we have marked below,
Resistance Trend Line.
Parallel Channel
Rectangle (Highlighted in light blue)
Horizonal lines.
It seems that stock price has touched the resistance trend line and is moving within the parallel channel.
Buy position can be initiated in case 15-min candle crosses above the Resistance trend line and closes above the same line. The immediate target can be 1465 or above and Stop Loss can be 1435.
Since the overall trend is positive hence in case price moves down once market opens tomorrow then the rectangle region can act as a possible support and there is a possibility for price moves again in up-direction.
However, in case the price cross below the rectangle region and 15-min candle closes below the same (1435) then we may expect a small downside movement for an immediate target of 1420.
You can refer the below image for more details.
Thank you,
The Strategic Fortune team.
Disclaimer: Not for buy/sell recommendation. The information is shared based on technical analysis for study purposes. Market can be unpredictable and no one can be sure about its next move, however it's all about probability & based on historical data, we can try to predict the next moves. Concern your financial advisor before making a decision.