Hikal – Bullish RSI Divergence Aligns With Long-Term Support Bounce

1. Clear Long-Term Falling Trendline Break Attempt Price has been respecting a multi-year falling trendline (red). Current weekly candle shows a strong push from the trendline, indicating buyers stepping in at a historically important level. 2. Strong Support Zone Holding The horizontal/diagonal support region (highlighted near ₹200) has acted as a demand zone multiple times in the past. Latest weekly candle shows a decisive bounce with strong volume, reinforcing the demand. 3. Bullish RSI Divergence While price made a lower low, RSI formed a higher low → a classic bullish divergence. This often signals downside exhaustion and potential reversal attempts. 4. Volume Spike From Support A significant volume bar emerges exactly at support, suggesting institutional buying or short covering. 5. Short-Term Falling Channel Break on RSI RSI has also broken a short-term falling resistance, confirming improving momentum. 📌 Summary View ✔ Strong support bounce with volume ✔ Bullish RSI divergence ✔ Long-term falling trendline being challenged ⚠ Needs follow-through in coming weeks to confirm reversal Overall, structure suggests accumulation interest at major support, with early signs of a potential trend reversal. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)