DMart: Short-Term Recovery Within a Larger Downtrend

closed at ₹3,839 on 23 September, gaining 1.6%. The latest rebound has lifted price above its short-term averages, but the broader chart still carries the effect of a prolonged decline from the April high near ₹4,600. The 20-day moving average is at ₹3,771, while the 50-day average is at ₹3,736. Price is above both levels, and the 20-day average is rising above the 50-day average. This is a constructive short-term change: recent selling has eased, and the ₹3,735–₹3,770 band is now the first support zone. However, the larger structure still shows lower highs since April. The current move therefore needs to clear resistance before it can be treated as a meaningful trend reversal. ₹3,850–₹3,900 is the immediate hurdle. A sustained close above ₹3,900 could take the stock towards ₹4,000, where another resistance band is visible. Above ₹4,000, the chart would begin to repair more convincingly. On the downside, ₹3,770 is the first level to hold. A close below the 20-day average would weaken the bounce, while a break below ₹3,736 could bring ₹3,650–₹3,700 back into focus. DMart’s value-retail model and store-expansion opportunity remain long-term supports, but technically this is still a recovery phase. The real confirmation comes only if the stock holds above its moving averages and breaks through ₹3,900 with follow-through.