1) About to break from 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 . Ideal entry below 850.50.
Stop Loss: Can keep at 856.00; slightly above the .
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 which can lead to breakout from the trendline.
2) Still trading above 200 .
Entry: Can enter after breakout from trendline with good . Ideal entry at or above 864.00.
Stop Loss: Can keep at 852.00 - 853.00; slightly near and below the .
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 .