🚀 Fresh Breakout in Capital Goods Leader – ELGI EQUIPMENTS!

Technical + Fundamental Snapshot: 📈 Chart Setup: After weeks of consolidation, ELGI has broken out above the ₹567–₹570 resistance on the weekly chart — a zone that had previously acted as both support and resistance. Current price is ₹603.50, up nearly 10% this week with strong bullish candles. 📊 AVWAP Support: AVWAP anchored from the previous high (2024) is currently around ₹567, exactly where the breakout happened. This confirms institutional-level buying and makes this level a strong support zone going forward. 🌀 Volume Confirmation: Noticeable spike in weekly volume confirms that the breakout is not just price-based — but backed by market participation. 🧠 Fundamentals Backing the Move: Consistent ROCE above 20%, indicating capital-efficient growth Well-diversified global operations in industrial air compressors Strong balance sheet with minimal debt Leadership in niche segment and strong OEM relationships 📌 What to Track Next: Retest of breakout level around ₹570–580 will offer low-risk entry Upside potential towards previous high around ₹750 in medium term Positional traders can trail SL below ₹540 zone