Nelcast — Retracement Phase Near Structural Support

Price has corrected sharply after failing near the upper trendline around ₹180. The stock is currently retracing within the broader swing structure and approaching the lower demand region. 📊 Key Levels • ₹157 – Major resistance aligned with the 0.786 retracement zone • ₹144 – Intermediate supply near the 0.618 retracement level • ₹129 – Important pivot zone from prior consolidation • ₹98 – Immediate structural support near the rising long-term trendline 📉 Trend Context The broader structure still respects the long-term ascending trendline from earlier cycles, while the current move reflects a corrective retracement within that structure. ⚡ Momentum Price momentum weakened significantly after rejection from higher retracement levels, indicating supply pressure in the upper zones. 📊 Behaviour Price is approaching the lower demand band around ₹98–₹105. Reaction from this zone will be critical to determine whether the stock stabilises or continues the correction. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)