⚙️ Jindal Saw Ltd. – Cup & Handle Formation Developing

🔹 Price Action CMP: ₹206.50 (+0.09%). Price showing a rounding bottom structure after prolonged downtrend. Currently consolidating in handle zone, with resistance near ₹227–268. 🔹 Technical Observations Pattern: Cup & Handle in progress – base formation between ₹196–268. Volume: Declining in handle, healthy for breakout setups. RSI: Sideways near 42, consolidating with bullish divergence from June lows. MACD: Negative, but flattening – indicating momentum exhaustion on the downside. Structure: Strong support at ₹196 (multi-week base). 🔹 Key Levels Immediate Resistance: ₹227. Major Resistance: ₹268. Immediate Support: ₹196. Major Support: ₹175. 🔹 Strength & Risk ✅ Cup & Handle base formation = strong reversal setup. ✅ Price defending ₹196 support with higher lows. ❌ RSI still weak (<50), needs momentum push. ❌ Breakout above ₹227/268 critical, else prolonged sideways possible. 🔹 Outlook Short Term: Positive bias if price sustains above ₹227, target ₹250–268. Medium Term: Sustained breakout above ₹268 may open move to ₹320–350. Risk: Breakdown below ₹196 invalidates bullish base. 📌 Strategy Traders: Watch ₹227–228 breakout with volume; partial profit near ₹250. Investors: Accumulate near ₹196–206, SL below ₹175. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).