When the coil unwinded - sharp reaction to downside happened completing all targets -398-393-388 with a bonus gap down move to 375 giving us 40 points +
What Next ?
There is in the channel & looking for target zone 405-407 -the upper end of the channel which is the point of control & likely the zone which can be retested.
How to execute?
Look for a pullback to 382-385 zone in next trading session - if you see prices holding in that zone then plan to enter with stops below 377 which shall be the important level- holding that level, we should see minimum push to 395-398 zone & next above 400 for 405-407 zone.
377 should be the stop loss.
Long Term View - Game of Patience
Short Term Move -Morning Star - Talents & Patterns can't be hidden @398
Short Term Move - Prices Speak@398 - Hidden Language
Intraday - 389 is a good support & holding level since opening of the counter this morning. Going below 389 - we should have the pullback which is expected 382-385 Zone. Once we see support in that zone or price holding we shall plan to buy for targets of 395-398 & above 400 for 405-407.
Half Part Completed to close by zone as expected.
Lower edge of the pullback@382 suggested is also in action from day high@393-392
Next we have to wait & watch for the action tomorrow.
Wish You a happy trading week ahead.
Bharti got hammered this morning as well but as stated earlier holding above the key level@377 - we will plan to take long positions
It went close by @378.50 which was hardly 1 - 2 points away
Taking risk of losing below 377 we hope for initial bounce to 387-388 zone & above 393 for next higher target of 400 & 407-408 else we book complete at 387-388 & wait outside.
Going below 377 - All positions should be closed.
We lost 2 points in day trade below 377 & shall look at this counter only above 380-381 zone which is psychological zone. Sustaining above that zone is the trigger point for us where bulls shall be interested next.
Flirting close to 376-377 zone is very risky if Nifty falls below 9900 mark - there could be more pressure for Bharti as well downside for 373- 365- 355.
Keep an eye on Nifty.
1st Target downside@373 was hit by close margin. Closing the update. Shall not monitor any further.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ