ELGI EQUIPMENT - TECHNO-FUNDA ANALYST

ELGI Equipments Ltd – 1D

Trend- Strong bullish momentum after a fresh breakout from long consolidation. Support & Resistance- Fresh Breakout Level: ₹513 Supply Zone: ₹542 Major Resistance (R1): ₹592.75 Major Support: ₹459 Chart Behaviour- Price has cleanly broken above ₹513 with strong volume. Immediate hurdle at ₹542 (supply). Sustaining above ₹513 confirms trend continuation. Expected Move- Upside: If ₹542 breaks, rally may extend to ₹592+. Downside: Retest of ₹513 possible; still bullish unless below ₹500. Fundamentals (Short)- Market leader in compressors Consistent earnings growth Strong export book Valuations slightly high but justified by growth Final Verdict- ✅ Buy on dips toward ₹513 🎯 Targets: ₹542 → ₹592 SL: ₹498