Base Breakout on Weekly Chart | Quiet Accumulation in a PSU Bank

Technical View (Structure + Momentum Alignment) 1️⃣ Elliott Wave Structure The strong rally from sub-₹80 levels to ~₹150 marked a clear impulsive Wave 1–3. What followed was a long, sideways-to-down corrective phase, best classified as a complex Wave 4 correction (rectangle/sideways range). Price has now spent over a year building this base, which significantly strengthens the probability of a Wave 5 breakout rather than a false move. 2️⃣ MACD Insight During the extended consolidation, price made range-bound or marginally lower swings, while momentum stabilized and refused to weaken further. This behavior reflects hidden bullish divergence, a sign that downside momentum has been fully absorbed and accumulation is in progress. 3️⃣ AVWAP Perspective The stock is trading above AVWAP from the major swing low of the base, indicating that long-term participants are in profit. Each dip toward AVWAP has been met with buying interest, confirming it as a strong institutional support zone. 4️⃣ Structure & Breakout Level The ₹112–115 zone is the upper boundary of the weekly range, tested multiple times. A sustained weekly close above this level would confirm a range resolution, with a measured upside projection towards the ₹135–140 zone, matching the Wave 5 expansion visible on the chart. Fundamental Snapshot (Why the Base Matters) J&K Bank has shown: Improving asset quality and operational stability Gradual normalization in profitability metrics Strong regional franchise with consistent deposit base Fundamentally improving banks often spend time repairing balance sheets, which reflects on charts as long consolidations before trend resumption.