This setup is a short term scalp. The stock has formed an inverted head and shoulder pattern at the support zone. Hence we shall see this opportunity as a short term pullback move till 570.
Entry - Go long above 349 or enter when it pullbacks to 344 area. SL - 338 T1 - 355 T2 - 360
For educational purpose. Thanks.
Trade active
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Target 1 done
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Trailing my SL to 354 for the rest
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Target 2 done. That was a good 3% upmove for an intraday trade.
Trade closed: target reached
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All targets done. I personally closed my entire position at 360, but the price moved sharply till 370 as mentioned earlier. Nice move.
Hi. Shorting at this level is quite risky. The prices could go up till 380 if Nifty exhibits strength tommorow. The stoploss @ 372 seems to be a tight one. There will be a pullback once the bulls show some profit booking around the 370 zone but the chances of getting SL hit are high before you could see any profit.
My view is to book some profits on the opening when it retraces to 365-366 area. I am not a SEBI registered analyst. Kindly consult your financial advisor before taking any trades.
riteshtidke07
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@nimbuz90, thanks for ur kind advice i have exited at 365 level..good analysis.