Chennai Petroleum – Technical View, Support and Resistance

The stock

is in a strong bullish trend on the daily chart. Price has been making higher highs and higher lows with the recent move continuing towards the upper end of the visible range. The current price is around ₹1414 showing strong momentum after the previous consolidation and upward move. However the stock has already moved significantly higher, so fresh entries should be considered carefully rather than chasing sharp candles. Support & Resistance: Immediate support is visible around the ₹1300–₹1350 zone where the recent price structure has developed. Below this the ₹1200–₹1250 area can act as the next important support zone. On the upside, the recent high area around ₹1450–₹1500 is the key resistance zone. A sustained move above this area would indicate further strength while rejection can lead to a pullback towards the mentioned supports. Short-Term View: Buyers/holders can remain positive while the stock maintains its recent higher-high/higher-low structure. Fresh buying is better considered on a controlled pullback towards support rather than after a sharp upward move. A break below the immediate support structure would weaken the current bullish setup.