IRCTC - Potential Bullish Reversal

IRCTC - Potential Bullish Reversal with Elliott Wave Setup

Key Levels and Zones:

1. []Current Price: ₹777.25 (-₹3.15, -0.40%)
   []Support and Buying Zones:
   
   Wave C Completion Zone: ₹762.00 - ₹788.00
   Extended Retracement Zone (Liquidity): Below ₹762.00
   []Target Zone: ₹978 - ₹1,008
   []Stop Loss: ₹728.80
   

Chart Analysis:

1. Wave Patterns: The daily chart illustrates an Elliott Wave correction pattern with the following structure:
   
   Wave A: Initial decline signaling a bearish move.
   Wave B: Temporary corrective upward move.
   Wave C: Indicates a potential bullish reversal in the zone ₹762.00 - ₹788.00.
   []Change of Character (CHoCH): ₹815.75 acts as a key level for a potential sentiment shift if broken.
   []Support and Resistance Levels:
   Support: Green zone (₹762.00 - ₹788.00).
   Resistance: Descending trendline and target zone (₹978 - ₹1,008).
   

Trade Plan:

1. Entry Point:
   
   Long positions can be initiated within the Wave C completion zone (₹762.00 - ₹788.00).
   
2. Targets:Primary Target Zone: ₹978 - ₹1,008.
   
3. Stop Loss: ₹728.80 to mitigate downside risk.
   

Conclusion:

IRCTC’s daily chart reveals critical support and resistance levels, presenting traders with a structured trading opportunity based on Elliott Wave theory. By closely monitoring the Wave C completion zone and CHoCH level, traders can position themselves for potential bullish momentum with a favorable risk-reward ratio.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your analysis or consult a financial advisor before making investment decisions.

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