Motisons Jewellers – Technical Analysis, Short term view

The stock

is trading around ₹16.62 on the daily chart. The stock has shown a strong recovery from the ₹11–12 zone and moved above the earlier consolidation range with a noticeable rise in volume. After the sharp move price is now consolidating around ₹16–17 indicating a pause in the recent upmove. Support & Resistance: Immediate support is visible around ₹16.0 followed by ₹15.5. A stronger support zone is around ₹14.0–14.2 where the stock spent considerable time before the August breakout. On the upside ₹17.0–17.3 is the immediate resistance area. A sustained move above this zone can bring the previous swing-high area around ₹17.5–18.0 into focus. Short-term Buyers & Holders View: For short-term buyers, price action around ₹16.0–16.2 is important to watch. Holding above this zone can keep the recent structure intact. A breakout above ₹17.0–17.3 with strong volume would indicate renewed buying momentum. If the stock slips below ₹15.5 the recent consolidation structure would weaken and further downside toward lower supports could come into focus. Holders can monitor these support and resistance levels for confirmation of the next directional move.