Triveni Engineering Eyes Breakout: SEBI RA Prameela Balakkala Flags ₹500 Target

Analyst sees a bullish breakout ahead, driven by strong technical patterns and stable volume. ₹440 is the key resistance to watch.

Triveni Engineering shares have staged a comeback, rallying 6% over the last one week. 

According to SEBI-registered analyst Prameela Balakkala, the stock is now approaching a key technical inflection point.

She observed that Triveni is consolidating near a significant resistance level at ₹440, with technical indicators pointing towards a potential breakout. 

The formation of a cup and handle pattern on the chart reinforces a bullish outlook, as this pattern is widely recognized as a continuation signal that often precedes upward price movement once the breakout point is surpassed. 

Stable trading volumes further suggest increasing investor interest and accumulation at current levels, which typically supports the likelihood of a sustained move higher

Balakkala adds that a decisive and strong close above ₹440 would confirm positive market sentiment and could trigger further gains, with immediate targets set at ₹460 and ₹500. 

However, she also emphasizes the importance of monitoring the Relative Strength Index (RSI) and the broader market trend to validate the breakout and manage any potential downside risk. 

The support zone is identified at ₹417, which coincides with the daily chart base (DCB), providing a reference point for risk management.

Stocktwits data shows a clear shift in retail sentiment from 'neutral' to 'bullish' over the past week, signaling increasing optimism.

Triveni Engineering shares fell 4% year-to-date (YTD).

For updates and corrections, email newsroom[at]stocktwits[dot]com.<