Quality Power: Understanding Trend, Support and Resistance

The stock

is trading around ₹1363 on the daily chart. The stock has shown a strong recovery from the ₹650–700 zone and moved sharply higher towards the ₹1400–1450 area. The broader price structure is positive with the stock making higher levels after the strong rise from the lower zone. After reaching around ₹1400–1450 the stock corrected and formed a base before recovering again. The recent movement indicates renewed buying interest. The immediate resistance zone is around ₹1400–1450 where the stock faced selling pressure earlier. A sustained breakout above this zone would indicate further strength in the price structure. The immediate support zone is around ₹1300–1250. If the stock sustains above this area the current recovery structure remains intact. The earlier consolidation zone around ₹1100–1150 is another important support area. Buyers should closely watch the ₹1400–1450 resistance zone for a sustained breakout. Holders can monitor ₹1300–1250 as the key near-term support zone. A breakdown below this area would weaken the current price structure.