*Note-Any potential buy positions to be considered only above 651 -if sustains or in the zone 598-605
When I started reading the basics of years ago - I came across a term - "trend is your friend"- never go against it in the Bible book by-Edwards & Magee. You will have hole in your pockets if you still try to go against market forces & Knowing about key & critical levels which play vital role in the analysis is of utmost importance.
Since the top@733- No doubt the fall is impulsive & it has formed a resistance between 645 -key level & 651-critical level from short term trading scenario.
Scenario 1- Look for a sell below 632 lows or when low@632 is broken with stops above 640 for target in the gap zone 625-627
15 mins chart
Scenario 2- If the gap zone 625-627 holds, then we look for a push upside or taking buy call keeping stops below 620 for target zone 637-640.
Scenario 3- If It holds finally in the zone 637-640 keeping our key level intact which is 645 or stops above 645-key level for target 620 & below 620 for 598-600 zone which is an important .
Went to high@642 - Risk Takers should have taken sell close to 645 -key level as they could just lose 3-4 points & Gain shall be 15 points in the gap zone 625-627.
Falls from just below the critical level@651- These are trades which risk takers take to lose 1 point & gain maximum.
Market attempt 2 times 650 & 649 -go close to 651 & falls - awesome
Downside level of 632 is intact- Wow!- It makes a low 633-634 & bounces above 632 for 641.
Close of 650 could be tested again -possibily in the zone 644-647. Critical level of 651 should not be taken out on upside else there could upside move in the counter .
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw