DSIJ Mindshare

The India VIX, which measures market volatility, has decreased by 1.48 per cent, indicating a fall in market volatility.

With this robust move, the stock has registered a resolute breakout of almost a 4-month stage-2 consolidation, signaling the resumption of an upward trend and presenting a fresh entry opportunity. The depth of the consolidation is about 23 per cent, and the stock is trading above all the short and long-term moving averages, which are trending upward in a desired sequence.

The market opened at 21,751.35 and reached a high of 21,755.60 but faced a low of 21,555.65 during the day.

The index managed to recover from its intraday low, closing at 21,731.40. The day's high of 21,770.30 showcased brief moments of positive momentum.

In this technical analysis case study, we will explore a potential breakout opportunity in a stock named Onward Technologies Limited that exhibits a Darvas Box pattern, strong bullish momentum, and an overall Higher High-Higher Low (HH-HL) formation. The stock is trading at all-time high (ATH) levels, has experienced a successful bounce from the support zone, and displays a price-volume breakout on Thursday’s trading session. The analysis suggests another bullish run after breakout, the immediate support level is Rs 650.