Stop Loss: Rs 2,500
Target: Rs 3,100-3,200
BSE is currently trading at Rs 2,688 and has recently witnessed an inside bar breakout near key support levels, coupled with a price reversal from the 0.618 Fibonacci retracement zone. The breakout, supported by rising volumes, indicates growing investor interest and the potential for a strong trend reversal.
The stock is now nearing a bullish reversal point, signaling a possible uptrend continuation in both the short and long term. A decisive close above the Rs 2,700 level will confirm the breakout and could pave the way for further gains.
The Relative Strength Index (RSI) stands at 55.17, indicating a gradual build-up in positive momentum with ample room for upside. On the downside, immediate support is placed at Rs 2,580, offering a favorable entry point for dip-buying opportunities.
To manage risk effectively, traders may consider placing a stop-loss at Rs 2,500. If the breakout holds and momentum continues, BSE could potentially move toward short-term and long-term targets of Rs 3,100 and Rs 3,200, respectively. Close monitoring of price action and volume will be crucial in the upcoming sessions to validate the strength of the breakout.
(Mandar Bhojane Equity Research Analyst, Choice Broking)
