RAINBOW

Avoid for the fresh entry..

is witnessing a sharp pullback after a strong rally, with the price rejecting near ₹1,550–1,600 resistance and slipping below short-term support. The stock is currently testing its 21 EMA (₹1,428) and 100 EMA (₹1,404) levels, and a close below these moving averages could signal a deeper correction. The volume on the red candles suggests some profit-booking or selling pressure around the ₹1,500 zone. Technically, the long-term uptrend remains intact as the stock is still trading above a major ascending trendline (support near ₹1,320). If the stock fails to hold current levels, it may slide further toward that trendline, marking a ~9% correction. However, if it takes support at the EMAs and bounces, it can resume its uptrend. A close above ₹1,500 would be a key trigger for bulls to reclaim strength.