Finolex Industries – Technical View, support and resistance

The stock

is trading around ₹160.56 on the daily chart. The stock has been in a weak phase after falling from the ₹197.93 zone and is currently moving near the lower end of its recent range. The overall structure remains weak, with the stock forming lower highs and lower lows over the recent months. The recent bounce from the ₹157–₹158 zone has not yet changed the broader structure. Immediate support is around ₹157–₹158 followed by the ₹152–₹150 zone. On the upside ₹164–₹166 is the immediate resistance area while ₹170–₹172 is the next important resistance zone. The major resistance visible on the chart is around ₹197.93. Short-term buyers can watch the ₹164–₹166 zone for strength. A sustained move above this area can improve the short-term price structure. Holders should monitor the ₹157–₹158 support zone closely, as a breakdown can indicate further weakness.