Chennai Petroleum Corporation Ltd – Pullback After Sharp Rally
The stock recently witnessed a strong upside momentum, followed by a healthy pullback, indicating short-term consolidation after the rally.
🔎 Technical Observations:
• Strong bullish expansion earlier with high volume participation
• Price currently taking support near ₹930–₹950 zone
• Consolidation forming after a vertical move
• Momentum indicators cooling off from overbought levels
• Structure still positive as long as higher support holds
🔑 Key Levels to Watch:
• Immediate Resistance: ₹1,015 – ₹1,050
• Major Resistance: ₹1,090 – ₹1,135
• Immediate Support: ₹930
• Major Support: ₹890 – ₹880
🚀 Bullish Scenario:
Sustaining above ₹1,015 may trigger fresh momentum towards:
• ₹1,090
• ₹1,135
• ₹1,175+
📉 Risk Scenario:
Break below ₹930 could lead to a deeper pullback toward ₹890 support zone.
⚠️ For educational purposes only. Not a buy/sell recommendation.
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