But it is now approaching key support near ₹425–₹430. SEBI-registered analyst Vijay Kumar Gupta believes that it is shaping up as a tactical range play, with a breakout strategy in place. He is watching for a reversal or breakdown from the current levels.

Gupta identified resistance between ₹444 and ₹445, with a descending trendline from the April highs capping rallies. A break above ₹445, accompanied by volumes, is necessary to shift the structure.

Immediate support is seen between ₹ 428 and ₹ 430, a level that has seen recent lows bounce her. A decisive hold with bullish candles could trigger a short-term swing, he added. The next support is seen at ₹420, which was a previous consolidation area. And a failure to hold ₹430 may lead to a retest of this zone.

Gupta noted that ₹405–₹410 is a major demand zone for Sarda Energy, since it is a longer-term support area. If the stock manages to hold at these levels, it could indicate a deeper structural stability. On the upside, he pegged targets at ₹445–₹450, if the stock breaks the trendline on volume and flips ₹ 430 into support.

On the volume front, Gupta observed that the stock has seen minor buying and very little selling, which suggests that a short-term pause is likely; an upside breakout should come with increased volume to confirm legitimacy.

Tactical Play Setup

Gupta suggests traders wait for a bullish candle near ₹430–₹428 to trigger a short-term long target of ₹445. Any break below ₹428 opens the path to ₹420, and lower supports come into focus. On the other hand, a strong close above ₹445–₹450 on volume will confirm a reversal, opening the door to higher targets.

He concluded that Sarda is currently trading in a structured range, with near-term bulls likely to provide support. At the same time, a breakout above downtrend resistance would signal a shift toward a broader recovery. Patience and level discipline will be key for the next moves.

In recent news, the company received consent from the Chhattisgarh Environment Conservation Board to operate a coal gasifier plant for a pellet plant in Raipur. Additionally, its subsidiary has commenced commercial operations at its hydroelectric power project in Chhattisgarh.

Data on Stocktwits shows that retail sentiment is ‘bullish’ on this counter.