A very interesting cup-n-handle trade setup is developing in BATAINDIA. The cup is already formed and the handle is currently in development with two possible lows for the handle: (1) around 1635 and (2) around 1600. The scenario (2) is more likely since this is the more frequent S/R level seen in several instances in the past 2 years, with a major support in Nov.’19. This price level is also close 20-EMA, currently at about 1610. The price movement after result announcement will be the key. A good result will take the price to 1840+. I will wait for result announcement on 10th August to decide whether to enter the trade or not.
Trade closed: target reached