This chart is the daily timeframe of Oil and Natural Gas Corporation Limited,

1️⃣ Range Formation The boxed area shows a sideways consolidation: Resistance: ₹288–₹290 Support: ₹262–₹264 Price stayed inside this zone for several weeks, which means buyers and sellers were balanced. But notice an important detail: The top of the range was rejected multiple times The last few candles are bearish This indicates supply dominating the range. 2️⃣ Current Breakdown Zone Right now price is sitting exactly near support: ₹262 The latest candles show: Consecutive bearish candles Weak bounce attempts Lower highs forming This suggests support is weakening. 3️⃣ Breakdown Confirmation A daily close below ₹260 would confirm a range breakdown. Once this happens: Short sellers enter Stop losses of buyers trigger This usually creates fast downward momentum. 4️⃣ Downside Target Range height: Resistance ≈ ₹290 Support ≈ ₹262 Range ≈ ₹28 Breakdown projection: ₹262 − ₹28 ≈ ₹234 Practical support zones: Level Reason ₹250 Psychological level ₹245 Minor support ₹235 Range breakdown target Your arrow toward ₹245–₹250 zone is technically reasonable. 5️⃣ Bearish Signals Visible Several warning signs are present: Lower highs forming Strong bearish candles Support tested multiple times This usually indicates distribution before a fall. 6️⃣ Bullish Invalidation The bearish scenario becomes invalid if price: Moves back above ₹270 Breaks ₹288 resistance Then the stock could continue inside the range. ✅ Summary Factor Observation Pattern Distribution range Support ₹262 Breakdown trigger Close < ₹260 Downside target ₹250 → ₹235 Your downside projection toward ₹245 area is technically justified. 📊 Interesting context: Stocks like Oil and Natural Gas Corporation Limited often move strongly when support breaks because they are closely linked to crude oil price trends and institutional trading flows.