Trading Insight – ZOMATO, ASIANPAINTS & APOLLOTYERS

Wave (C) Ending Diagonal in Play: Apollo Tyres Set for a Rally?

Timeframe: Daily

Apollo Tyres has completed an A-B-C corrective pattern, bottoming out at 375, signaling a potential trend reversal or at least a corrective rebound. The recent low aligns closely with the 1.618 Fibonacci extension of Wave (A) at 376.60, adding strength to the support zone. Since then, the price has bounced sharply, breaking above the 100 EMA and approaching key resistance around 456, which marks the previous Wave 1 level.

The price zone between 440 and 450 is now critical for the next directional move. A breakout above 450 could lead the price toward 480 – 530 – ₹555+. Traders should closely monitor price action around this resistance area. The ending diagonal structure of Wave (C) has the potential to provide a strong bullish opportunity.

NSE ASIANPAINT – Premium Swing Setup

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NSE ETERNAL – Range Setup

NSE Zomato has formed a trading range between 218 and 224. This range holds the potential for a significant move, as 224 acts as a strong dynamic support zone where bears could gain control if bulls fail to defend it. A breakdown below this level would also lead to a breach of both the 100 and 200 EMAs, further strengthening the bearish outlook. In the daily timeframe, the ADX dropped to 14.26, indicating a weakening trend, while the ATR stood at 8.24, suggesting a contraction in volatility.

Traders should note that if the price breaks above 224, the targets would be 235 – 250 – 268. These targets are based on the flag breakout, measured by the length. On the other hand, if the lower end of the range at 218 breaks down, traders can anticipate a potential decline toward 190.

No matter how the situation unfolds, we will keep our premium members updated with the exact setup at the right time.