Rane (Madras) Limited – Trendline Confluence Zone with Neutral Momentum

Long-term uptrend remains intact, supported by a rising base trendline from 2022. Price recently slipped below a declining resistance trendline, indicating loss of short-term momentum. Current zone reflects trendline confluence — rising support vs falling resistance — suggesting compression. Price is oscillating within a broad range after a sharp prior upmove and subsequent distribution. 📊 Key Levels to Track: Immediate Resistance: ₹850–₹860 zone (previous supply + VWAP region) Major Resistance: ₹930–₹940 (range top / earlier rejection zone) Immediate Support: ₹790–₹800 (trendline + horizontal demand) Critical Support: ₹720–₹740 (range low; structure weakens below this) 🔄 Momentum & RSI Read: RSI hovering around 42–45, below the midline. No bullish divergence yet; momentum remains muted. RSI needs to reclaim 50+ for any sustained upside strength. 📌 What to Monitor: Reaction near ₹790–₹800 support — holding this keeps structure neutral. Acceptance above ₹860 with improving RSI would signal renewed strength. Failure to hold ₹720 may open deeper corrective phase. Volume expansion near support/resistance will be key for directional clarity. ⚠️ Risk Note: Price is in a no-trade zone unless a decisive breakout or breakdown occurs. Expect choppy, range-bound action until momentum confirms direction. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)