IndiaMART Showing Early Signs of Trend Reversal

IndiaMART is showing promising signs of short-term bullish momentum after a long period of consolidation and correction. 🟢 Key Observations: ✅ Falling Wedge Breakout: The stock broke out of a falling wedge pattern after nearly 3 years of lower highs. Wedge breakout occurred with supportive volume — a typical bullish reversal signal. ✅ Range Retest: The stock is reclaiming the lower end of the blue horizontal range (~₹2,200–₹3,100). Current price (~₹2,450) is now testing the bottom of this range after finding support at ~₹2,000. ✅ Trendline Break: Also cleared the short-term descending trendline, adding to bullish bias. ✅ Volume: Recent bullish candles are accompanied by improving volume — suggesting buyer interest. 🟡 Short-term Outlook: Bullish Given the breakout from both falling wedge & trendline, stock has room to move higher. Next key resistance = ₹2,800–₹3,100 zone (top of range). Likely to grind higher over the coming weeks unless the move gets rejected at ~₹2,500–₹2,600. 🔜 Watch For: Sustained close above ₹2,500 → opens room toward ₹2,800+. ₹2,200–₹2,300 → now key support zone on pullbacks. RSI / Momentum indicators improving — favors short-term traders. ⚠️ Risk Management: Short-term traders can consider long trades with stop below ₹2,200. Be cautious near ₹2,800–₹3,100 where supply pressure may emerge. Summary: IndiaMART is showing short-term bullish momentum after wedge breakout and reclaiming key levels. Expect gradual move toward ₹2,800–₹3,100 unless rejected at immediate resistance. Structure is supportive for a bullish bias over next 4–6 weeks. 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. I may or may not be holding a position in the stock mentioned. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.