It has been observed on a weekly chart that the price action is forming a bullish "Inverse Head n Shoulder Pattern" indicating buyers coming back in the stock and shall turnaround stock to upside in coming weeks.
It is providing a good investment opportunity with holding time of 6m-1year. T1- 250 SL 130
Comment
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Traders who are asking about SL on daily chart, you may consider 140-142 range as a support on daily chart. Close below 140 levels may take the price action further down to 136 levels.
Sir , i like your analysis but i would also like to add that there is major resistance line also on weekly chart that can stop the stock from moving above 180 ( around 181-182 to be precised )
sulaimandanish
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@headymuk, bro will you short it for tomorrow if you trade intraday? i'm really confused whether to short it or not.
Sheetij
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@sulaimandanish, do not short any script, unless its in bear territory, ie 20% down for its recent high. look to go long on dips with metals :)
ytayade254
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@Sheetij, Hey, why did you say to not short any script if it's 20% down from it's recent high? Please explain. Thank you :)
NeeteshJain
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@headymuk, Yes, you have spotted it correctly and I have already given the importance of that resistance in the chart as well. As you can notice in the above chart that the first up arrow breaking near resistance of 150-160 level goes upto 180 levels and then I have shown a down arrow as a correction to previous resistance and then it shall further excel to 240-250 levels. Hope It makes sense. I appreciate your query. Regards
umeshchandake
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I have bought June future of coalindia at 153. don't know what to do?
aweekolder
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@umeshchandake, I don't recommend buying Naked Future. I think You should sell a call of 150-155 of May/June and then hold.