1) On Daily Time Frame it has closed below 21DMA on 13-08-2021. Since last 3 days it has been failing to close above 21DMA.
Please refer Chart below:
2) Another interesting thing is that in Option Chain data major short covering was seen at 2400 call option for August expiry.
3) It has taken support from 2250 level two times.
4) On 15min time frame, it has made lower lows in price while in it made higher lows. This is the sign of . If on 16-08-2021 it sustain in range till 2290 or above and is takes support from that trendline and maintain above it then it will be a quick buy trade.
However if it breaks the trendline then the will continue.
1) If 2300 level will work as good then we can see another upside move.But a safe Buy trade entry should be above 2320 level breakout immediate target 2330.
2) But if it fails to hold 2300 level and breakdown below and continue to take resistance from 2300 level then it will be a down fall.
3) Also if it breaks down 50MA and at the same time breaks down the trendline then it will be short trade.
4) All the levels will work as support, resitance, entry and tareget w.r.t to price action near to that level.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.