Indegene – Double Bottom Breakout Setup (Daily Chart)
After a sustained downtrend, the stock has formed a double bottom structure (Bottom 1 & Bottom 2) near ₹455–₹465 zone, followed by a strong recovery candle with rising volume.
🔎 Technical Observations:
Strong demand visible around ₹450–₹460
Higher low formation after second bottom
Price attempting to reclaim short-term resistance near ₹500
Break above minor descending trendline
MACD turning positive with bullish crossover
RSI recovering above 50 → momentum shift starting
🔑 Key Levels to Watch:
Immediate Resistance: ₹500–₹510
Major Breakout Level: ₹520
Immediate Support: ₹485
Strong Support: ₹455–₹465
🚀 Sustained breakout above ₹520 can open upside towards:
₹550
₹575–₹580 (as marked target zone)
Structure suggests early reversal signs. Confirmation above ₹500–₹520 zone is crucial for continuation.
⚠️ Risk management below ₹455 on daily closing basis.
For educational purposes only. Not a buy/sell recommendation.
— AALGO BREATHS