Phoenix Mills is testing a crucial support at ₹1,480-1,450, says analyst Vijay Gupta. A bounce could target ₹1,620-1,650, but a breakdown risks ₹1,350. Despite strong Q1 growth, near-term pressure lingers post a "Reduce" rating by Nomura. Retail sentiment turned bullish, but traders are advised to wait for confirmation above ₹1,600.