📉 BEL – Bearish Divergence at Major Resistance?

🚩 1. Rejection at Channel Top + Horizontal Resistance (₹435–₹440) BEL faced clear rejection near ₹435–₹440—a confluence zone of the rising red channel top and prior price resistance. This indicates supply pressure and the potential for mean reversion or correction. 🚩 2. Bearish RSI Divergence While price made a higher high, RSI failed to follow—creating a classic bearish divergence. This divergence near overbought territory (RSI > 70) historically signals exhaustion of upside momentum. 🚩 3. Loss of Short-Term Momentum After a strong vertical rally, candles show signs of distribution with long upper wicks and reduced volumes. A move below ₹364 could open the path toward deeper retracement zones (₹318 or even ₹254). ⚠️ Short-Term View “High risk-reward zone for bulls—partial profit booking or trailing stops advisable.” Watch ₹364 as an immediate support level. Breakdown confirmation would strengthen the bearish case. 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. I may or may not be holding a position in the stock mentioned. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.