Schneider Electric Infra breakout fails, support at 1,133

Schneider Electric Infrastructure trades near Rs 1,151.50 after a failed breakout, with 200-day EMA support at Rs 1,133 and resistance at Rs 1,220. Schneider Electric Infrastructure Limited [

] traded near Rs 1,151.50 on 16 October, heading for a third straight losing session. The recent breakout from its consolidation has failed. On 1 October, the shares rose about 6% to Rs 1,275.40 after a media report on Schneider Electric and NFH exploring digital energy grid applications. The company clarified the same day that the report concerned another Schneider Group entity, not itself. The gain has since faded as price slipped back under the consolidation range. The structure is bearish in the short term. Price has broken below the key support of the consolidation. The 200-day EMA at Rs 1,133 is the next support, on a closing basis. Resistance is Rs 1,220. A close below the 200-day EMA would open Rs 1,065. A close back above Rs 1,220 would repair the damage. The longer trend stays up while price holds the 200-day EMA, with a rally from near Rs 570 earlier this year. But price is about 26% below its peak near Rs 1,550. Volume on any bounce toward Rs 1,220 is key. Disclosure: I do not hold any position in this stock. This is not a recommendation to buy or sell. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.