🪨 GMDC – Bearish Divergence at Channel Top

🔹 Price Action Closed at ₹509 (+11.82%) with strong volume (34.45M). Price touched channel resistance at the upper boundary. Previous rallies from similar levels have seen profit booking. 🔹 Technical Observations Bearish RSI Divergence: Price made a higher high. RSI failed to confirm → weakness sign. Channel Resistance: Price at the top of ascending channel. Support Zones: ₹478 → ₹447 → ₹398 Resistance: ₹515–₹520 zone (strong supply area). 🔹 Indicators RSI 77 (Overbought) → signals exhaustion. Volume – strong surge but could indicate climactic buying. Trend – still bullish, but nearing short-term exhaustion zone. 🔹 Strength & Risk ✅ Strong momentum and trend intact. ✅ Healthy ascending channel since March. ❌ Bearish RSI divergence warns of short-term pullback. ❌ Overbought zone with rejection risk near ₹515–₹520. 🔹 Outlook Short Term: Expect profit booking → pullback toward ₹478/₹447. Medium Term: If ₹520 breakout sustains with volume, next leg higher possible. Strategy: Caution near highs; look for retracement entry lower. 📢 Disclaimer: Educational purpose only, not financial advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).