MCX – Technical Analysis, Support and Resistance

The stock

is showing a strong overall uptrend with a short-term correction on the daily chart. After a sharp rally from around ₹2600 to the ₹3450–3500 zone the stock has entered a consolidation phase. The latest candle shows selling pressure with price around ₹3204. Recent market data also places ₹3159–3160 as an important support zone. Support & Resistance: Immediate support is around ₹3150–3200. If this zone holds, the broader higher-high/higher-low structure remains intact. Below ₹3150 the next important support is around ₹3000–3050. On the upside ₹3300–3350 is the immediate resistance zone followed by ₹3450–3500. A sustained breakout above ₹3500 would indicate renewed upward momentum. Short-Term Buyers & Holders View: For short-term buyers ₹3150–3200 is an important zone to monitor for stabilization or reversal. A move back above ₹3350 with strong volume can improve momentum toward the previous high zone. If price breaks and sustains below ₹3150 the correction can extend toward ₹3000–3050.