Thermax rebounds at 3,180, the broader trend remains bearish

Thermax closed at ₹3,256 after a 3.9% recovery from an intraday low of ₹3,181. The strong green candle shows buying interest after a prolonged decline from the ₹5,200 peak, but it remains an early relief bounce rather than a confirmed trend reversal.

Price is below the falling 20-day average at ₹3,420 and the 55-day average near ₹3,813. Both moving averages remain overhead resistance. MACD is deeply negative and marginally below its signal line, showing that bearish momentum has not fully faded despite the latest recovery candle. ₹3,180 is the immediate support, followed by ₹3,100. A move above ₹3,420 would be the first sign that the selling pressure is easing, while ₹3,813 remains the more significant trend-reversal level. Industrial capex, energy-transition investment and project execution remain key drivers for the company.