⚙️ Mamata Machinery Ltd. – RSI Bullish Divergence but Resistance Ahead

🔹 Price Action Current Price: ₹466.65 (+13.09%). Strong bounce from support at ₹391–₹400 zone, now testing resistance near ₹470. Previous breakdown trendline has been retested with a sharp upward move. 🔹 Technical Observations RSI Bullish Divergence: Price made lower lows, but RSI made higher lows → strength returning. Volume Confirmation: Recent upmove supported by strong volumes → buying interest seen. Resistance Zone: Major hurdle at ₹470–₹480, where stock has faced rejections earlier. Sustaining above this resistance may open further upside. 🔹 Key Levels Support: ₹423 → ₹391. Resistance: ₹471–₹480 (immediate), then ₹500+. Upside Targets if breakout occurs: ₹495 → ₹520. 🔹 Indicators RSI ~63: Trending upwards, but near overbought zone → pullback risk. Trendline Retest: Downtrend line broken; stock reclaiming rising support trendline. Momentum: Strong, but must clear resistance for sustained rally. 🔹 Strength & Risk ✅ RSI bullish divergence + volume support → strong recovery signal. ✅ Bounce from demand zone around ₹390. ❌ Heavy resistance ahead (₹470–₹480). ❌ Overbought risk in short term if breakout fails. 🔹 Outlook Short Term: Likely to face resistance at ₹471–₹480. If rejected, may retest ₹430. Medium Term: Sustained close above ₹480 will confirm trend reversal → target ₹520+. Strategy: Fresh entry best on breakout retest above ₹480, with stop-loss below ₹423. 📢 Disclaimer: Educational analysis only, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).