Airtel has broke multiyear support with a fundamental trigger of acquiring Tata teleservices.
450 is multiyear support and has been breached recently. Expecting a mild pullback to the support line.
This is low risk high reward setup as SL is smaller than target. Short at 473 with strict SL at 480 for a target of 450.
If the Q2 results are not good it can test 400 levels again as it gapped up from there with heavy volume.
450 is multiyear support and has been breached recently. Expecting a mild pullback to the support line.
This is low risk high reward setup as SL is smaller than target. Short at 473 with strict SL at 480 for a target of 450.
If the Q2 results are not good it can test 400 levels again as it gapped up from there with heavy volume.
Comment:
450 was previous resistance and it has become support now. I am expecting it to test the support line again (mean bearish).
Trade closed: stop reached:
SL HIT.