Support and Resistance Zones
The stock (Indiamart Intermesh) has a major support at 7000 levels and the next resistance is at 7500 & 7844. The stock is approaching its support zone and may test its support levels of 7000. Also, there is a range between 7000 & 7500 levels and there was a breakout on 30 Aug 2021. After breaking the previous high levels, it sustained there and made a new high of 9270 on 8th Sep’21.
AS PER FIBONACCI LEVELS
As per Fibonacci levels, there is a buying opportunity above 7454 which is 0.236 Levels in Fibonacci Retracement levels. If the stock price trades above 7454 levels, then we can see next levels of 7910 and 8300 i.e., 0.382 and 0.50 Fibonacci levels (checkout image below).
What do we expect next?
For the past few days, the stock has made a huge bearish movement and made a low of 7165. The stock is towards its support and demand zone now. It may test its next support levels of 7000. The stock may show a bullish reversal pattern in the near future or consolidate in the demand zone. A trader or investor can make its entry after the next bullish signals based on the price action.
Note:- This is not a buy/sell advice. It’s just an analysis by one of our professional traders. Consult your financial advisor before investing.