Technical Analysis Indigo Paints Ltd.

The stock

has made a strong recovery after a prolonged downtrend and is now trading in a series of higher highs and higher lows. The stock has reclaimed key resistance levels and is showing signs of steady accumulation. Recent price action indicates that buyers remain in control although the stock is approaching an important resistance zone where some profit booking may emerge. The overall technical structure remains positive. The immediate support is placed around ₹1070–1080 where buyers have consistently defended the price during recent pullbacks. A stronger support lies near ₹1020–1040 which is the base of the recent uptrend. On the upside ₹1120–1140 is the immediate resistance zone. A decisive breakout above this level with strong volume could open the way for a move towards ₹1180–1220. The stock is trading above its recent swing lows and continues to maintain a bullish price structure. Fresh buying can be considered on a sustained breakout above ₹1140 with strong volume confirmation. Traders may also accumulate on dips near the ₹1070–1080 support zone while maintaining strict stop-loss discipline. A close below ₹1020 would weaken the current bullish setup.