*Chart Pattern Identified**:
A **Cup with Handle** formation has been identified on the daily/weekly chart of **Piramal enterprise**, signaling a potential bullish breakout. This classic continuation pattern typically leads to strong upward moves once the handle breakout is confirmed.
🔍 **Breakout Levels and Price Targets**
1. **Primary Breakout Level – ₹1275**
* This marks the neckline of the **Cup with Handle** formation.
* A confirmed breakout at ₹1275 would validate the pattern.
(based on the measured move from the depth of the cup added to the breakout point)
* Acts as a **pre-breakout resistance** or consolidation level.
* A **daily or weekly close above ₹1,275** with strong volume would indicate early momentum and buyer interest.
* **Target after this level is breached**: ₹1275 (primary breakout zone), and if sustained, an extended target of **₹1820**.
### 📌 **Technical Outlook**
| Level | Significance | Action |
| ------ | ------------------------ | --------------------------------------------------- |
| ₹1275| Cup with handle breakout | Key confirmation zone; breakout of pattern |
| ₹1820 | Extended target | Projected move after full breakout confirmation |
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### 📈 **Trade Strategy**
* **Entry Option 1**: Anticipatory buy near ₹1,275.
* **Entry Option 2**: Breakout confirmation buy above ₹1275 with higher risk-reward toward ₹1820.
* **Volume Confirmation**: Essential at 1275 levels.
* **Stop-loss**: Dynamic trailing stop-loss below handle lows or breakout support zones depending on entry.
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### ⚠️ **Risk Management & Considerations**
* Ensure confirmation via **volume expansion** and **daily/weekly close** above key breakout zones.
* Be cautious of false breakouts, especially if moves happen on low volume or during broader market weakness.
* Monitor sectoral momentum (capital goods, engineering, or mining equipment) as it may influence breakout strength.
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.