IRCON — Descending Channel Within Broader Downtrend

Price continues to move inside a well-defined descending channel after a prolonged decline from earlier highs. The broader structure remains weak with consistent lower highs forming beneath the long-term falling trendline. 📊 Key Levels • ₹185 – Major resistance aligned with previous breakdown zone • ₹154 – Intermediate resistance from prior consolidation • ₹136 – Immediate support where price is currently reacting • ₹125 – Next structural demand zone below the channel 📉 Trend Context The stock remains under a dominant long-term declining trendline, indicating the broader trend is still corrective. ⚡ Momentum Price action inside the falling channel reflects gradual selling pressure, with rallies getting capped near the upper boundary of the structure. 📊 Behaviour Current price is approaching the lower boundary of the channel near ₹136. Reaction around this zone may determine whether the stock stabilises or continues the downward structure. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)