Oil India Ltd – Pullback After Sharp Rally | Support Retest Zone (Daily Chart)
After a strong breakout rally, the stock faced profit booking near ₹540–₹550 and is now consolidating near short-term support levels.
🔎 Technical Observations:
Strong impulsive move from ₹430 zone
Profit booking near ₹540 resistance
Price currently hovering around 20 & 50 EMA cluster
Higher low structure still intact (short-term trend positive)
Bollinger Bands cooling after expansion
RSI cooling but holding above 50 (bullish territory)
Volume spike during breakout phase
🔑 Key Levels to Watch:
Immediate Resistance: ₹520
Major Resistance: ₹548–₹575
Immediate Support: ₹470
Major Support: ₹440
📈 Bullish Scenario:
Sustained move above ₹520 can trigger fresh upside towards:
₹548
₹575
₹600 (extended momentum target)
⚠️ Bearish Scenario:
Breakdown below ₹470 may lead to deeper correction toward ₹440 / ₹410 zone.
Currently in healthy pullback phase unless key support breaks.
⚠️Not a buy/sell recommendation.
— AALGO BREATHS