📉 RITES Ltd. – Selling Pressure, Supply Zone Test

🔹 Price Action CMP: ₹248 (-8.87%) – sharp weekly decline. Price rejected near resistance zone (~₹280). Trading close to support around ₹240–245. 🔹 Technical Observations Bullish RSI Divergence (Past): Price made lower lows while RSI held higher lows → aided earlier bounce. Selling Pressure: Current rejection from supply zone signals weakness. Trendline Context: Price trading between rising support (~₹222) and resistance (~₹280). 🔹 Key Levels Immediate Resistance: ₹265 → ₹282. Immediate Support: ₹245. Major Support: ₹222. 🔹 Indicators RSI ~46–50: Neutral, showing loss of momentum. Volume: Selling spikes near resistance indicate distribution. Trend: Neutral-bearish; sellers dominate at higher levels. 🔹 Strength & Risk ✅ Long-term trendline support near ₹220–225. ❌ Consistent selling in ₹265–280 zone. ❌ Weak momentum despite earlier RSI divergence. 🔹 Outlook Short Term: Likely consolidation between ₹245–280. Medium Term: Break below ₹240 → retest of ₹222. Bullish Trigger: Sustained close above ₹282 → fresh uptrend possible. 📌 Strategy Traders: Avoid fresh longs until price sustains above ₹280. Investors: Can monitor ₹220–225 as accumulation zone for long-term. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).