Falling nearly 10% yesterday, the stock is exhibiting some fight back by gaining 5% (at the time of posting). The bounce was helped by demand zone between 3360 & 3375 where we could also observe 50 SMA level. That justifies the bounce technically. Currently the gain has run in to level where it appears to shown some loss of momentum partly because of the resistance area around 3560. The up move also appears to retest the trendline broken yesterday. This leads us to believe that 3560 - 3600 can act as a respectable resistance.
By considering the above discussed points, initiating new positions might be tricky. Hence it would be prudent to make only short term entries (reducing our time inside market) until we get a clear direction on either side. One cannot rule out the possibility of price hovering between the range 3360 & 3600 for a while.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals.)
By considering the above discussed points, initiating new positions might be tricky. Hence it would be prudent to make only short term entries (reducing our time inside market) until we get a clear direction on either side. One cannot rule out the possibility of price hovering between the range 3360 & 3600 for a while.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals.)