Vijaya Diagnostic Hits Key Resistance Zone: SEBI RA Sees Short-Term Selling Pressure, But A Breakout Is Still Possible

(MENAFN- AsiaNet News)

Vijaya Diagnostic Centre shares are hovering near a crucial resistance zone, which has historically seen sharp rejections.

On Tuesday, the stock closed 1.25% lower at ₹1,118.35, just below the resistance zone of ₹1,130 - ₹1,155.

Recent price action also shows upper wick formations, indicating short-term selling pressure, according to SEBI-registered analyst Vijay Kumar Gupta. However, a decisive close above ₹1,155 could confirm a breakout continuation, leading towards ₹1,200 and ₹1,245 in the coming weeks.

The stock recently broke out above previous highs, but has since entered a consolidation phase near the top. This minor range could evolve into either a bullish flag or a distribution pattern, Kumar said.

The ₹1,010 level serves as a key Market Structure Break (MSB) and remains a critical pivot for trend confirmation.

On the downside, the stock could find near-term support at the ₹1,050 - ₹1,075 level. Any healthy retracement and bounce from this region would be seen as a continuation signal, the analyst said.

A deeper pullback toward ₹975 - ₹1,000 would still keep the structure intact, offering an attractive risk-reward for fresh entries. For long-term investors, ₹768 is a major support and pre-breakout accumulation zone.

Retail sentiment on Stocktwits turned 'bullish', amid 'high' message volumes. It was 'neutral' a day earlier.

Vijaya's Sentiment Meter and Message Volumes at 04:23 p.m. IST on July 29 | Source: Stocktwits

Year-to-date, the stock has gained 6%.

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