📈 DCM Shriram – Strong Rebound, Resistance Retest, Momentum Building

🔹 Price Action CMP: ₹1,379 (+12.58%) – sharp weekly rebound with volume. Price bounced from ₹1,240–1,250 support zone. Approaching major resistance near ₹1,480 (channel top + previous peak). 🔹 Technical Observations Trendline Channel: Stock remains in rising channel since 2022. Support Levels: Strong base at ₹1,240 and ₹1,350 (recent lows). Resistance: Major supply around ₹1,480 (channel top). Price Structure: Higher lows intact → trend remains positive. 🔹 Key Levels Immediate Resistance: ₹1,420 → ₹1,480. Immediate Support: ₹1,347. Major Support: ₹1,240 (swing low). 🔹 Indicators RSI ~64: Bullish momentum, in overbought zone watch. Volume: Strong accumulation on rebound → supports breakout attempt. Trend: Short-term bullish, medium-term positive while above ₹1,240. 🔹 Strength & Risk ✅ Strong rebound from support with high volume. ✅ Rising channel intact since 2022. ❌ Immediate resistance at ₹1,480 could trigger profit booking. 🔹 Outlook Short Term: May consolidate between ₹1,350–₹1,480. Medium Term: Breakout above ₹1,480 → opens upside to ₹1,600+. Risk: Rejection near ₹1,480 → retest of ₹1,347–₹1,240. 📌 Strategy Traders: Watch for breakout above ₹1,480 for momentum play. SL below ₹1,347. Investors: Can accumulate near ₹1,350–₹1,370, keeping SL below ₹1,240. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).