Technical Evaluation: Zen Technologies Limited (1D)

The stock

in a sustained corrective phase. After an aggressive multi-bagger rally that peaked near the 2600 mark the stock has shifted into a clear downtrend consistently forming lower highs and lower lows. Trading at 1515.1, the stock is experiencing steady distribution. The momentum is firmly controlled by sellers, with the price sliding downward without yet establishing a firm higher low. Immediate Support (1400 - 1500) The price is fast approaching a crucial historical demand zone. This 1400 to 1500 area served as a major consolidation base before the last explosive leg up. If the stock is going to find its footing, a bounce or basing action is highly probable here. Resistance (1700 - 1800) If a technical bounce occurs from current levels, it will face heavy supply near the 1700 to 1800 zone which aligns with the most recent lower swing highs. Currently, the chart structure lacks any signs of a Volatility Contraction Pattern (VCP) or a reliable accumulation base. For a high-probability setup, keep an eye on how the stock reacts as it tests the 1400-1500 support zone. Wait for the price action to flatten out, compress in volatility (VCP), and successfully reclaim shorter-term moving averages like the 20 EMA before anticipating a genuine trend reversal.