Technical Analysis Waaree Energies

The stock

is currently in a short-term downtrend after failing to sustain above ₹3500. The stock has been making lower highs and lower lows indicating that sellers remain in control despite recent buying interest near the current levels. The stock has found temporary support around ₹2650-2700 and is attempting a bounce. However the recovery is still weak and a move above the recent swing highs is needed to confirm a trend reversal. The immediate support is placed around ₹2650-2700 which is acting as a demand zone. If this level breaks the stock could decline towards ₹2500. On the upside ₹2900-3000 is the first resistance followed by a stronger hurdle near ₹3200. A breakout above these levels would improve the overall technical outlook. The outlook remains neutral with a bearish bias. Existing investors can hold as long as the stock stays above ₹2650. Fresh buying is advisable only after a strong breakout above ₹3000 with higher trading volumes. The stock is still trading below key resistance levels suggesting that confirmation of strength is required.