Rajesh_S Updated   
Reasons for going short and setup:
1) About to break from Head & Shoulders pattern.
2) Trading below 100 and 50 EMAs
3) Selling pressure seen as it is near around all time high.

Entry: After breakdown from neckline with good volume. Ideal entry below 850.50.
Stop Loss: Can keep at 856.00; slightly above the support zone.
Target: First target near 840.00 levels where is a support.
RR Ratio: 1.75 (Entry - 850.00; SL - 856.00; Target - 839.50)

Reasons for going Long and setup:
1) Some good buying seen near the support zone which can lead to breakout from the trendline.
2) Still trading above 200 EMA.

Entry: Can enter after breakout from trendline with good volume. Ideal entry at or above 864.00.
Stop Loss: Can keep at 852.00 - 853.00; slightly near and below the support zone.
Target: First target near 880.00 levels where is a resistance.
RR Ratio: 1.5 (Entry - 864.00; SL - 852.50; Target - 880.00)

Note: Can keep an eye on NIFTY Pharma.
Trade closed: target reached:
target achieved


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