Using the Trend Analysis i find a pattern on the chart which indicates a bearish trend starting from 17th Jan.
I have drawn a line from the last highest to last high before that and find that it is making lower highs
Also the major support at the two earlier swings was at 3474. This level will be tested and I already find that there is selling pressure in the stock from last two trading sessions.
Entry for trade : 3432 or open below 3474
First target looks to be 3373
Second Target looks to be 3223
Third Target will be 3024 from which a strong rebound is expected.
Stop loss to be set at 3475
I have drawn a line from the last highest to last high before that and find that it is making lower highs
Also the major support at the two earlier swings was at 3474. This level will be tested and I already find that there is selling pressure in the stock from last two trading sessions.
Entry for trade : 3432 or open below 3474
First target looks to be 3373
Second Target looks to be 3223
Third Target will be 3024 from which a strong rebound is expected.
Stop loss to be set at 3475