{
  "ticker": {
    "uuid": "35271733-d893-4ca6-81a3-59aa8505152a",
    "symbol": "BDL",
    "name": "Bharat Dynamics Limited",
    "exchange": "NSI",
    "country": "IN",
    "assetType": "equity"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^NSEI",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 95.92,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": -48.871,
    "architecture_energy": 32.966,
    "architecture_maturity": 14.201,
    "architecture_confidence": 78.677,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 46.61,
        "rotation_up": 13.29,
        "upward_expansion": 4.39,
        "deceleration": 47.01,
        "rotation_down": 59.05,
        "downward_expansion": 73.06
      },
      "activity_lines": [
        1271.033333,
        1293.72909,
        1301.343808,
        1302.51066
      ],
      "activity_state": "Compressed",
      "activity_direction": "Stable",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.333333
    },
    "latest_close": 1294.0,
    "trend_reference": 1316.005587,
    "distance_from_trend": -0.016721,
    "trend_direction": "Weakening",
    "fair_value": 1221.631861,
    "distance_from_fair_value": 0.059239,
    "fair_value_direction": "Weakening",
    "relative_strength": -6.565203,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.023815,
    "excess_performance": 0.067524,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.016721,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.045845,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.059239,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.188789,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.065652,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.047481,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.023815,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.47213,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 5437426,
      "relative_activity": 1.081599,
      "balance": 0.47213,
      "dry_up": 0.837493,
      "accumulation_observations": 1,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.064445,
      "annualized_volatility": 0.413034,
      "from_high_reference": -0.214869,
      "from_low_reference": 0.191529
    },
    "levels": {
      "trend_reference": 1316.005587,
      "fair_value_reference": 1221.631861,
      "structural_low": 1086.0,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 13,
        "median_return": 0.053916,
        "positive_rate": 0.769231,
        "directional_follow_through": 0.769231,
        "median_excess_return": 0.048971,
        "regime_survival": 0.615385,
        "best_return": 0.313717,
        "worst_return": -0.249996,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.184477,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.171946,
        "regime_survival": 0.5,
        "best_return": 0.711031,
        "worst_return": 0.078792,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.735149,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.674484,
        "regime_survival": 0.0,
        "best_return": 0.915855,
        "worst_return": 0.28929,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.886744,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.66744,
        "regime_survival": 0.0,
        "best_return": 1.233486,
        "worst_return": 0.312245,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-09",
        "end": "2024-09-20",
        "tenure": "Developing",
        "return": -0.198494,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-09-27",
        "end": "2024-11-01",
        "tenure": "Developing",
        "return": -0.012741,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-11-08",
        "end": "2024-12-27",
        "tenure": "Developing",
        "return": 0.142483,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "end": "2025-02-28",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.02374,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "end": "2025-04-04",
        "tenure": "New",
        "return": 0.034607,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-04-11",
        "end": "2025-07-11",
        "tenure": "Established",
        "return": 0.401102,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-08-29",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "return": 0.030845,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2026-05-15",
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        "active": false
      },
      {
        "regime": "balance",
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        "active": false
      },
      {
        "regime": "downward_expansion",
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      {
        "regime": "balance",
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        "active": true
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    ],
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
        "close": 1253.099976,
        "volume": 3222662,
        "typical_volume": 5005265.75,
        "trend": 1323.375773,
        "fair_value": 1216.899563,
        "relative_strength": -9.091556,
        "stage": 4,
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        "modifier": "Balance after decline",
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        "energy": 35.576114,
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      },
      {
        "date": "2026-08-07",
        "close": 1294.0,
        "volume": 5437426,
        "typical_volume": 5027212.45,
        "trend": 1316.005587,
        "fair_value": 1221.631861,
        "relative_strength": -6.565203,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
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    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}