@Himanshu93, I would have managed the trade in this way:
I went to the hourly time frame. There is a support at 7690 level. IF a 15 min candle closes below it, I would suggest you to book profits. There is an hourly downtrend channel forming. Wait for re-entry at the trend line.
@TradeWithChannels, Thanks heaps for your valuable comments! I am totally new in stock market. While I have made profits but I am not good with charts. How to learn all this ,can you suggest something which is available free online?
@Himanshu93, Experience is the best teacher. Make mistakes, analyse them and learn from them. Stick to one thing at a time and avoid leverage while wetting your feet. (PS: I have a new blog tradewithchannels.blogspot.com and youtube channel: tradewithchannels. Will be good to have you around in the learning process)
@TradeWithChannels, Thanks will subscribe to your channel! And could you please tell me more about this stock. When it moved down I sold it at 7600 but later on it again touched 7800. I think I made a mistake, if it moves again and reaches 9k or 10k.
@Himanshu93, Channels have a trendline and a trend channel line. But some like this stock over here, have well defined midline. The prices could touch 9k or 10k. But this would not happen always. The reason channels work so well is that people on both sides wait for the respective trend lines to enter. If the trend channel is right, those who have bought have assumed a greater risk than those who were in near trendlines. The most important thing in investing is not profits or loss-it is the risk one is willing to take to earn a reward. I have posted a video of a trade on my blog. Check how I never get my target but the risk is well in my control.