Lawyer is back with the bank in current case as client
Previous Analysis ( Act like Lawyer)
Trendline passing through 39.40--57--67.30 Basic Application of Technical Analysis - 2 points to draw a trendline & 3 points makes a valid trendline- the more bottoms you see on this line which is coming from 39.40 lows -holding this line line supports in future as well -then you conclude it is a stronger trendline unless in future this trendline gets broken.
Double Bottoms Lows in the zone 66.75 -67.30 has holded & can be a possible double bottom which is confirmed only if 92.40 highs is taken out on top but it has supported in the zone 66.75-67.30.
Bullish Candlestick Pattern 3 candlestick pattern know as Morning Star can be a good sign of reversal shown in oval shape at 67.30 lows.
What is a 'Morning Star' A morning star is a bullish candlestick pattern that consists of three candles. The first bar is a large red candlestick located within a defined downtrend, the second bar is a small-bodied candle (either red or green) that closes below the first red bar, and the last bar is a large green candle that opens above the middle candle and closes near the center of the first bar's body or closes above the high of 1st red candle- Extreme bullish case. We have extreme bullish case.
Trading Strategy Holding 65 on downside (Below 65 as stoploss) below expected double bottom zone of 66.75-67.30 if it starts moving above 74 then buy call can be initiated by Safe Traders. Risky Traders can buy in the zone 68-70 keeping stops below 65 because going below 65 -Downside selling pressure can be seen.
Bullish Pieces from the Lawyer to make a strong case. Let My Lord (Market) decide the result. Trendline Double Bottom Bullish Candlestick Pattern
Target Zone Can be 92 -previous high -above 92 can be 104 & above 105 can be 115.
This is not an intraday call. It is a positional view for 90-95 Zone above 95 for 104-105 & above 105 it it can attempt 115-120 zone where it touches the top end of the channel.
Bottom is 65 from where it has already turned upside.
@SatyamMishra, Monitor your positions tightly -do not allow it go below your entry price.
SatyamMishra
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@AbhishekHSinghCMT, sure can I hold one option lot it with sl below 65
WaveTalks
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@SatyamMishra, You can do whatever you want to do - keeping in mind that ALBK should not go or stay below 65 mark -if that happens then it can face selling pressure.
SatyamMishra
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@AbhishekHSinghCMT, ji sir
SatyamMishra
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@AbhishekHSinghCMT, sir it's not moving. What time frame you suggest?
WaveTalks
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@SatyamMishra, This is for longer time frame -I mean for 6-9 months next but not below 65 as suggested in the chart.
nirav5
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Thanks for your analysis, There are news also of possibility of merging it with PNB. Recent market positions has also increased in the stock security of ALBK. So there is a possibility of ALBK to go in BAN list where trading will not be allowed in Future and Options. Kindly provide a caution note to your followers.
Of course one can trade via cash stock.