Summary
CDSL has broken out of a multi-month rounding bottom formation, reclaiming the key resistance level near ₹1396 with a wide-range candle and strong volume.
This move may signal the start of a trend reversal after a prolonged downtrend. If the breakout sustains, the projected target based on the depth of the base is around ₹1609 — approximately 24.5% upside from current levels.
Technical Highlights
Strategy
Disclaimer
This analysis is for informational and educational purposes only and should not be considered financial advice. Please conduct your own research and consult a qualified financial advisor before making any investment decisions.
CDSL has broken out of a multi-month rounding bottom formation, reclaiming the key resistance level near ₹1396 with a wide-range candle and strong volume.
This move may signal the start of a trend reversal after a prolonged downtrend. If the breakout sustains, the projected target based on the depth of the base is around ₹1609 — approximately 24.5% upside from current levels.
Technical Highlights
- Pattern: Rounding bottom (not a classic cup since no prior uptrend)
- Breakout Level: ₹1396
- Target: ₹1609 (based on breakout projection)
- RSI: Rising to 66+, showing strengthening momentum
- Volume: Highest in weeks, suggesting accumulation
Strategy
- Entry: On breakout or retest of ₹1396
- Target: ₹1600–1610
- Stop: Below ₹1385
Disclaimer
This analysis is for informational and educational purposes only and should not be considered financial advice. Please conduct your own research and consult a qualified financial advisor before making any investment decisions.
Trade closed: target reached
Reached target of ₹1610 yesterday, up 15% in 2 weeks. If positioned, you can continue riding the momentum toward ₹1735, and potentially ₹1970 if strength persists.Note
Price hit our projected target of ₹1735 intraday — move delivered ~22% in 18 sessions since breakout. Current session shows supply reaction near target with high volume and upper wick. Those trailing may consider booking; fresh entries not ideal at this slope. Momentum traders can watch for consolidation above ₹1609.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.