PRAJ Industries – Support Hold Sparks Oversold Bounce, Trend Still Under Pressure

1. Key Support Zone Respected Price has successfully held the long-term horizontal support zone around ₹295–305. This level has acted as a demand area historically, and the recent bounce confirms buyers’ presence. 2. Oversold RSI Bounce RSI had moved deep into oversold territory (below 30), indicating panic selling. The current uptick in RSI suggests a relief bounce is underway rather than trend reversal at this stage. 3. Falling Trendline Still Intact Despite the bounce, price remains below the dominant falling trendline from the previous highs. This keeps the broader structure corrective unless a decisive breakout occurs. 4. Price Structure Remains Cautious Lower highs and lower lows still define the primary trend. The bounce appears technical, driven by oversold conditions and support reaction. 5. What to Watch Next Sustained move above ₹360–370 to signal strength RSI moving back above 40–45 for momentum confirmation Volume expansion on upside to validate accumulation Until then, the setup favors range-bound or corrective recovery, not an aggressive trend reversal. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)