{
  "ticker": {
    "uuid": "e767104f-7eb6-48da-af47-1a408f6cb310",
    "symbol": "FSL",
    "name": "Firstsource Solutions 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": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 64.456,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Structural repair",
    "architecture_gate": "mixed",
    "architecture_direction": 32.401,
    "architecture_energy": 53.819,
    "architecture_maturity": 10.928,
    "architecture_confidence": 50.191,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating upward.",
        "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair."
      },
      "scores": {
        "balance": 32.48,
        "rotation_up": 62.32,
        "upward_expansion": 59.73,
        "deceleration": 24.12,
        "rotation_down": 21.14,
        "downward_expansion": 22.73
      },
      "activity_lines": [
        277.396001,
        266.214364,
        257.907239,
        251.484835
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 279.850006,
    "trend_reference": 251.752943,
    "distance_from_trend": 0.111606,
    "trend_direction": "Weakening",
    "fair_value": 271.480298,
    "distance_from_fair_value": 0.03083,
    "fair_value_direction": "Weakening",
    "relative_strength": -2.058474,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.015127,
    "excess_performance": 0.028582,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.111606,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.092002,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.03083,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.022031,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.020585,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.07287,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.015127,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.064088,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 50379747,
      "relative_activity": 2.263326,
      "balance": 1.064088,
      "dry_up": 1.452483,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.09554,
      "annualized_volatility": 0.656009,
      "from_high_reference": -0.250242,
      "from_low_reference": 0.385396
    },
    "levels": {
      "trend_reference": 251.752943,
      "fair_value_reference": 271.480298,
      "structural_low": 202.0,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 2,
        "median_return": -0.014187,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.007273,
        "regime_survival": 0.5,
        "best_return": 0.040537,
        "worst_return": -0.068911,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 1,
        "median_return": -0.031431,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.047427,
        "regime_survival": 0.0,
        "best_return": -0.031431,
        "worst_return": -0.031431,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 1,
        "median_return": -0.103893,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.157632,
        "regime_survival": 0.0,
        "best_return": -0.103893,
        "worst_return": -0.103893,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": -0.334685,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.290358,
        "regime_survival": 0.0,
        "best_return": -0.334685,
        "worst_return": -0.334685,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2023-07-07",
        "end": "2023-07-21",
        "tenure": "New",
        "return": 0.092266,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-07-28",
        "end": "2023-10-27",
        "tenure": "Established",
        "return": 0.107916,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2023-11-03",
        "end": "2023-11-24",
        "tenure": "New",
        "return": 0.06071,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Established",
        "return": 0.109726,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-04-26",
        "tenure": "Developing",
        "return": 0.101948,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-05-17",
        "tenure": "New",
        "return": -0.046154,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-05-24",
        "end": "2024-07-05",
        "tenure": "Developing",
        "return": 0.207221,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-07-12",
        "end": "2025-02-21",
        "tenure": "Extended",
        "return": 0.49193,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-02-28",
        "end": "2025-06-06",
        "tenure": "Established",
        "return": 0.079769,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-07-11",
        "tenure": "Developing",
        "return": -0.068911,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Established",
        "return": -0.075888,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-10-31",
        "end": "2026-05-22",
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        "active": false
      },
      {
        "regime": "balance",
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      },
      {
        "regime": "rotation_up",
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        "active": true
      }
    ],
    "chart_path": [
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 17121617.25,
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        "relative_strength": -8.934162,
        "stage": 4,
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        "gate": "mixed",
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      },
      {
        "date": "2026-07-31",
        "close": 302.119995,
        "volume": 66582584,
        "typical_volume": 20112254.7,
        "trend": 252.814512,
        "fair_value": 270.58742,
        "relative_strength": 5.949812,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 49.310406,
        "energy": 55.714102,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 279.850006,
        "volume": 50379747,
        "typical_volume": 22259169.4,
        "trend": 251.752943,
        "fair_value": 271.480298,
        "relative_strength": -2.058474,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 32.401348,
        "energy": 53.819488,
        "activity_lines": [
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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."
    }
  }
}