Thermax slides 19.67% to its lowest since December 2023

Thermax fell as much as 19.67% on 6 November 2026, trading at its lowest since December 2023. The Rs 2,750 breakdown keeps bearish pressure in focus. Thermax Ltd. [ THERMAX ] fell as much as 19.67% on 6 November 2026, reaching its lowest level since December 2023. The decline follows a sustained move below the Rs 2,750 support level. The price structure shows a pattern of lower highs and lower lows. This points to weakening momentum, with sellers continuing to control the trend. Rs 2,500 is the next support level provided, while Rs 3,400 is the stated resistance. In my view, the sustained break below Rs 2,750 keeps the bearish trend in focus. A move towards Rs 2,500 may come into view if selling pressure continues. A recovery above Rs 2,750 would be an early sign that the breakdown is losing force. A move above Rs 3,400 would bring the stated resistance into focus. The December 2023 low adds to the weak price picture. Watch whether Rs 2,500 holds and whether the price can reclaim Rs 2,750. A sustained recovery above that level would make me reassess the bearish view. Stance: bearish while below Rs 2,750, with Rs 2,500 as the key support. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.