Ajantapharma is following the Fib levels as shown in the chart. close above 1275 would take it back to 1415 and 1450
SL1 1354 CB Sl2 1339
Trade active
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thats how market plays with Retailers, it went down till 1338 to eat all stop loss and then did not stay there for long and closed above 1375. now its ready for 1415 and 1450 due to more short covering as many pharma counters were UP today
Trade closed: target reached
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WoW! First target reached in style. Market always remove the weaker hands, its not a fair game for retailers
Where to from here? It closed at 1341. Thanks in advance
akshay.lakhina
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@rubixqube, Apologies for late reply as was out of country, as it broke the support of 1339 and then 1320 it fell to its previous levels due to results number. however I expect a small bounce towards 1230 as three big RED candles are done and its near to its previous daily demand zone area
rubixqube
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@Akshay.lakhina, Thanks buddy for the response. Also notice the head and shoulder pattern will also complete at 1125 levels. Do you think it will break beyond that? I was thinking of adding at 1150 ? Your thoughts?
@Akshay.lakhina, Scared to enter the script now. Extremely volatile. Results were decent, nothing to warrant such a drastic fall. What are your thoughts ? Over sold ? Do you see it turning around from here or will break further?
akshay.lakhina
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@rubixqube, 1125 could be the next support and danger of making new yearly low which may bring more panic, however it may reverse from these level too. lets watch
rubixqube
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@Akshay.lakhina, Thanks. Let's wait and watch. BTW AP will move to physical settlement in F&O from June. Do you think the volatility is because of that?
akshay.lakhina
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@rubixqube, Still need to analyze the impact of that and need to see the expiry levels for that
rubixqube
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@Akshay.lakhina, 4th Red Candle. Heading to 1125? Reversal after completing the right shoulder or further down?
akshay.lakhina
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@rubixqube, 1142 to 1126 is the next support zone now as per Daily chart