Newgen Software Technologies Ltd – Rising Wedge Breakout Setup

The stock is currently showing a recovery phase after a prolonged downtrend, with price action forming a potential rising wedge pattern near key resistance. 🔎 Technical Observations: • Prior downtrend followed by base formation • Gradual recovery with higher highs & higher lows • Formation of Rising Wedge (possible breakout or fakeout zone) • Price approaching key resistance zone • Momentum indicators showing mild bullish strength 🔑 Key Levels to Watch: • Immediate Support: ₹480 – ₹470 • Major Support: ₹450 – ₹420 • Immediate Resistance: ₹500 – ₹520 🚀 Upside Targets: • ₹540 • ₹580 • ₹620+ 📉 Risk Scenario: Breakdown below ₹470 may invalidate the setup and lead to downside towards ₹450 📈 Trading View: 👉 Stock is at a crucial decision zone (Rising Wedge) 👉 Breakout above ₹520 can trigger strong bullish momentum 👉 Failure at resistance may lead to short-term pullback ⚠️ For educational purposes only. — AALGO BREATHS 📊