Technical Analysis Shilpa Medicare

The stock

is in a strong uptrend consistently forming higher highs and higher lows over the past few months. The stock has delivered a sharp rally from lower levels and recently witnessed a strong breakout with a high-volume bullish candle indicating aggressive buying interest. Although the stock has become stretched in the short term the overall trend remains firmly positive. The recent breakout suggests strong momentum but after such a vertical move some profit booking or sideways consolidation is normal before the next leg higher. As long as the stock holds above its breakout zone the bullish structure remains intact. The immediate support is placed around ₹680–690 which is the recent breakout area and is likely to attract buying on declines. A stronger support zone is visible near ₹640–650 and a break below this level could weaken the short-term trend. On the upside the stock is trading near its recent high with the next resistance around ₹750–760. A strong close above this zone could extend the rally towards ₹800–830. The stock has a strong bullish technical outlook. Existing investors can continue to hold while maintaining a trailing stop-loss below ₹680. Fresh buying is better considered on a pullback towards the support zone or after a sustained breakout above ₹760 with strong volume. Long-term trend remains positive unless the price falls below ₹640.