CONCOR, the state-owned rail logistics company, recently released its Q4 earnings, reporting a slight decline of 1.6% in net profit. While the headline number may not excite at first glance, what truly stands out is the company’s decision to reward shareholders despite the dip. A generous 40% dividend coupled with a 1:4 bonus issue was announced—clear evidence of the management’s confidence in its long-term fundamentals and commitment to value creation.

However, markets often weigh sentiment over substance in the short term, and this is where technical analysis steps in to offer a more precise roadmap. Zooming out to the weekly chart, CONCOR appears to have entered a significant technical zone after undergoing a correction of nearly 48% from its peak. This correction, though steep, has brought the stock back to a long-term trend line support that has historically served as a strong foundation for upward moves. The broader trend remains upward, and the price is once again interacting with this crucial support area.

Confirming Support Using Daily Timeframe and Indicators

To validate this trend line as a credible support zone, one must turn to the daily chart and observe momentum indicators for any signs of reversal. The chart provided offers critical insights into this:

RSI on the weekly chart has shown a rebound from the same level it bounced off during the previous support test, indicating renewed buying interest at this level.

ADX signals a potential exhaustion in the downtrend. The index rebounded from the 50-mark, historically considered an exhaustion point, pointing towards a possible trend reversal.

Fibonacci retracement levels derived from the previous high to the recent low offer insight into potential upside resistances. The price is currently attempting to hold above the 0.236 retracement level near ₹736. If this level is respected, it opens the pathway for a move towards higher retracement zones around ₹818, ₹884, and ₹950, which align with prior supply zones and price memory levels. A reasonable stop-loss below ₹700 would help manage risk while maintaining alignment with the broader trend structure.