Target: Rs 7,500/7,600
Stop Loss: Rs 6,290
AMBER has recently formed an ascending triangle pattern and is trading just below a rising trendline on the daily chart — signaling the potential for a strong bullish reversal. The breakout is supported by significant volumes, enhancing its credibility. A decisive close above ₹6700, backed by strong participation, would confirm the pattern and could pave the way for the next leg of the uptrend.
Technically, the stock is trading well above its 20, 50, 100, and 200-day EMAs, reflecting strength across all key timeframes. The RSI stands at 59.22 and is trending upward, indicating building momentum without being overbought — a healthy sign of strength. A buy-on-dips strategy near the Rs 6,500 support zone could offer a favorable entry. For risk management, a stop-loss at Rs 6,290 is advised. Upon a confirmed breakout above ₹6700, the stock could rally towards Rs 7,500 and Rs 7,600, offering a strong risk-reward setup for positional traders.
(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)