Hikal Limited (Weekly Chart): Falling Channel Approaching Long-Term Support with RSI Stabilisation

1. Price Structure The stock remains in a broader corrective phase after a prior upcycle, forming lower highs within a descending structure. Recent price action shows a sharp move emerging from the lower end of a falling channel near a historically active demand zone. 2. Trendlines & Structure A long-term declining trendline continues to define overhead resistance, while the current price has been moving inside a short-term falling channel. The latest candle reflects price reacting near the lower boundary of this structure. 3. Key Levels (Chart Observations) Major Support Zone: ₹175–₹208 area acting as a long-term base where price has historically stabilised. Immediate Level: Around ₹215–₹220 where price is currently interacting after the recent move. Overhead Resistance: Descending trendline and prior consolidation band visible in the ₹320–₹360 region. 4. Momentum (RSI) Weekly RSI has been consolidating in the lower range after prolonged weakness. Recent RSI movement shows improvement from oversold territory, indicating stabilising momentum. 5. RSI Structure RSI reflects a bullish divergence pattern where momentum holds relatively steady while price formed lower lows, suggesting internal strength building near support. 6. Volume Behaviour A sharp spike in volume accompanies the latest upward candle, significantly higher than recent averages, highlighting increased participation at lower levels. 7. Overall Observation The chart shows price interacting with a long-term support zone within a broader corrective structure, supported by improving RSI behaviour and elevated volume near the lower boundary. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)