is currently trading around 1585.90 INR. After a massive extended rally that took the price near the 1900+ zone the stock has recently undergone a visible correction. The trend the broader long-term trend has been highly bullish riding up strongly from the 800 levels. However the short-term structure shows a corrective phase moving in a descending channel before attempting its current recovery. Major support the stock recently took a breather and found strong buying interest support near the 1400 to 1450 zone. Bouncing back from this level is a positive sign that buyers are stepping back in at lower valuations. Immediate resistance moving upward the stock will face immediate resistance around the 1700 to 1750 mark where it previously consolidated before breaking down. If it manages to cross and hold above this the next major hurdle is the previous peak near 1900 to 1950. KMEW is currently attempting a reversal from a healthy correction. Because it has bounced from a solid support base the short-term view is cautiously optimistic. To confirm a fresh strong uptrend the stock needs to break and sustain above the 1700 resistance level backed by high trading volumes. Conversely if it drops and closes below 1400 it would indicate further weakness. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.

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