Similar to my Bajaj finance idea on hourly this one is on daily and patience would be required.
The 500 area in the stock has been a demand zone which was once broken and given a bear trap with a massive rally of 70-80points. After that massive rally price has now come back to test the 500area. Hourly atr shows that the stock has consolidated for a while and enough consolidation in the stock seen.
We plan to buy the stock in futures with stops of 10points for a target of T-570 T2-640.
The 500 area in the stock has been a demand zone which was once broken and given a bear trap with a massive rally of 70-80points. After that massive rally price has now come back to test the 500area. Hourly atr shows that the stock has consolidated for a while and enough consolidation in the stock seen.
We plan to buy the stock in futures with stops of 10points for a target of T-570 T2-640.
Trade active:
Has started moving immediately. We have upped the trailing stops to cost 503.
Trade closed manually:
Closed the trade on trail. It might just be i got stopped.