Technical Analysis Nuvama Wealth Management

The stock

is currently trading around ₹1643 after a sharp correction from the ₹2000–2050 zone. The broader trend remains positive as the stock has formed higher highs and higher lows over the longer timeframe but the short-term structure has turned weak after the recent rejection from the ₹2000 area. The recent fall looks like a profit-booking/correction phase rather than a complete trend reversal provided the stock holds its major support zone. Support & Resistance immediate support is placed around ₹1600–1620 followed by ₹1500–1520. Holding ₹1600 can help the stock stabilize and attempt a recovery. On the upside, ₹1700–1720 is the first resistance followed by ₹1800–1850. A sustained breakout above ₹1850 can bring ₹2000 back into focus. Short-term view neutral to mildly bullish above ₹1600. A move above ₹1720 can improve momentum while a decisive break below ₹1600 may lead to further weakness toward ₹1500. For holders hold with a close watch on ₹1600. For fresh buyers wait for confirmation above ₹1720 or look for a strong reversal near support.