📈 Redington Ltd – Strong Volume, Bearish RSI Divergence at Resistance

🔹 Price Action CMP: ₹289 (+18.66%) – sharp weekly rally with strong volume. Price rebounded from ₹231 support zone. Trading near upper channel resistance (~₹322). 🔹 Technical Observations Bearish RSI Divergence: Price made higher highs while RSI made lower highs → momentum weakening. Volume Spike: Big buying interest seen, but may signal exhaustion if momentum fails. Resistance: Channel top and horizontal supply zone at ₹322. Support: ₹258 (trendline + horizontal zone). 🔹 Indicators RSI ~58: Losing strength despite price rise → caution. Trend: Long-term bullish, but short-term showing signs of fatigue. Pattern: Rising channel intact; divergence hints at possible pause/pullback. 🔹 Key Levels Immediate Resistance: ₹322 (crucial breakout level). Immediate Support: ₹258. Major Support: ₹231. 🔹 Outlook Short Term: Risk of pullback due to divergence despite strong volume. Medium Term: Sustained close above ₹322 → resumes bullish trend towards ₹350–₹370. Risk: Failure at ₹322 may bring retest of ₹258–₹231 zone. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).