Range Breakout in Triveni Engineering – Momentum Building for Next Leg Up

Triveni Engineering is showing a clean transition from consolidation to expansion, with price action signaling the potential start of a fresh trending phase. From an Elliott Wave perspective, the stock appears to have completed a prolonged Wave 2 corrective phase, which unfolded as a rectangular consolidation between ₹320–₹405. The recent breakout above this range suggests the initiation of Wave 3, typically the most powerful and sustained leg in the cycle. On the momentum front, the structure indicates a bullish MACD shift. During the sideways phase, momentum remained muted despite multiple price swings, pointing toward absorption rather than distribution. The current strong bullish candle confirms a momentum expansion, aligning with the breakout. Looking at AVWAP, if anchored from the prior swing high, the price has now decisively reclaimed this level, flipping it into support. This is a key sign of institutional participation, where previous supply zones turn into demand zones. The measured move from the consolidation range projects an upside of approximately 15–18%, placing the near-term target in the ₹460–₹480 zone, which aligns with the breakout structure visible on the chart. From a fundamental standpoint, Triveni Engineering benefits from: Strong presence in the sugar and ethanol segment, Improving cash flows supported by ethanol blending policies, Stable balance sheet with cyclical tailwinds in the sector. This combination of sectoral support + improving business visibility adds conviction to the technical setup. Conclusion The stock is exhibiting a classic: Consolidation → Breakout → Momentum Expansion As long as price sustains above the ₹400–₹405 breakout zone, the structure favors continuation, with Wave 3 dynamics likely driving the next leg of the rally.