CG Power and Industrial Solutions Ltd (Weekly Chart)

CMP: ₹720 Major Resistance: ₹800–₹820 Range Support: ₹520–₹550 📦 1-Year Rectangle Consolidation Clear structure: Resistance zone: ~₹800 Base support: ~₹520 Price currently mid-range (~₹720) This is a broad consolidation after a strong prior uptrend. Not a breakout yet. 📊 EMA Structure Price just reclaimed 26 & 52 EMA 225 EMA rising near ₹535 Long-term trend intact Medium-term trend trying to turn up Short-term momentum improving. 🔍 What Just Happened? Recent sharp bounce from ₹560 → ₹720 Strong bullish weekly candle Volume expansion on reversal This looks like: ✔ Range low defense ✔ Possible higher low ✔ Early stage of range rotation 🎯 Key Scenarios 🟢 Bullish Case Weekly close above ₹800: → Range breakout → Measured move target: ₹800 + ₹280 ≈ ₹1,050–₹1,100 → 35–40% upside possible 🟡 Neutral Case Continues between ₹600–₹800 Good for swing trades, not positional breakout. 🔴 Bearish Case Weekly close below ₹520: Range breakdown Structure damage. 🧠 Elliott View Likely: Wave 1: Strong impulsive rally Wave 2: Sideways time correction (current range) Wave 3: Yet to begin But wave 3 confirmation only above ₹800. 🏭 Sector Context Capital goods theme remains structurally strong, but many names already ran hard. This is in consolidation phase — not leadership phase yet. 🧾 Professional Take This is a pre-breakout watchlist stock, not a breakout buy yet. Best strategy: • Aggressive: Accumulate near ₹600–₹650 • Conservative: Buy only above ₹800 weekly close • Swing: Trade within ₹600–₹800 band