Thermax Remains Weak Below the Ichimoku Cloud

is closely linked to the domestic capex, industrial efficiency and de-carbonisation themes through its exposure to energy solutions, clean air, water treatment and industrial utilities. These are structurally relevant areas as manufacturing investment rises and companies spend more on energy efficiency and environmental compliance. Yet the current chart is clearly in a corrective phase. Price near ₹3,630 is trading below the Ichimoku conversion line and base line, while the cloud is positioned above price, turning the entire ₹3,850–4,400 region into a broad overhead resistance zone. The forward cloud is also bearish, which reinforces the view that trend pressure has not yet eased. The stock has been making lower highs since the July peak near ₹5,200, and the recent decline has brought it back toward the ₹3,600 region. This area now becomes an important short-term support. A break below it can extend the correction toward the ₹3,450–3,500 zone. On the upside, price would first need to reclaim the Tenkan and Kijun lines, but a meaningful trend reversal would require a sustained move back above the cloud itself. Until then, the setup remains technically weak despite the long-term industrial theme.