IndiaMART: Wave Y Hits 1.618 Extension

After weeks of steady decline, IndiaMART has now landed at an interesting crossroad. The move from the recent swing high at ₹2,685 appears to have unfolded as a W–X–Y correction, with wave (c) of Y terminating almost precisely at the 1.618 extension of wave (a) from wave (b).

Technical highlights:

• Channel support + 200-SMA: Price kissed the channel bottom right at the 200-day simple moving average.
  
• Candlestick clue: A hammer-like candle is developing — but without confirmation it remains only a “maybe” reversal.
  
• RSI deeply oversold: Momentum has stretched to extreme levels (27), suggesting downside exhaustion.
  
• Volume: Still subdued, no classic capitulation spike yet.
  

Levels to watch:

• Support / Stop: ₹2,343
  
• First hurdle: ₹2,455
  
• Bullish target (if reversal holds): Channel top
  

Takeaway

This setup ticks several boxes for a potential bounce: Fibonacci completion, structural support, oversold RSI, and reversal candle hints. But as always, the market demands proof. A convincing break above ₹2,455 would be the first sign of strength.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.