🏦 Indbank Merchant Banking Services Ltd. – Falling Wedge Breakout Attempt

🔹 Price Action CMP: ₹39.58 (+19.98%). Price has bounced strongly from support near ₹31, attempting a breakout from a falling wedge pattern on the weekly chart. Momentum indicators show signs of reversal after extended consolidation. 🔹 Technical Observations Pattern: Falling wedge – bullish reversal structure forming after multi-month decline. Moving Average: Price reclaiming 20-week EMA (~₹36.50), indicating short-term trend reversal. RSI: Rising from 40 levels, now near 62 – bullish momentum building. MACD: Positive crossover with histogram strengthening above zero line – confirms momentum shift. Volume: Noticeable spike this week, validating breakout attempt. Structure: Higher low formation with clear resistance retest near ₹40–₹44. 🔹 Key Levels Immediate Resistance: ₹40.40. Major Resistance: ₹44.00. Immediate Support: ₹36.40. Major Support: ₹31.20. 🔹 Strength & Risk ✅ Falling wedge breakout supported by strong weekly volume. ✅ RSI and MACD confirm trend reversal potential. ✅ Higher low structure suggests accumulation at lower zones. ❌ Supply zone around ₹40–₹44 may cause short-term resistance. ❌ Needs weekly close above ₹44 to confirm sustained uptrend. 🔹 Outlook Short Term: Positive bias; breakout above ₹40–₹44 can lead to ₹50–₹52. Medium Term: Sustained move above ₹52 may target ₹60+. Risk: Breakdown below ₹31 invalidates bullish structure. 📌 Strategy Traders: Watch for a decisive weekly close above ₹44 with rising volume for confirmation. Investors: Accumulate gradually near ₹34–₹37 with SL below ₹31 for medium-term gains. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).