Trading_hawk

Simple Trade Setup | DRREDDY | 26-10-2021 [ INTRADAY]

NSE:DRREDDY   DR REDDYS LABS
NSE:DRREDDY

Observations:

1) On 1 Day time frame, After Friday's doji candle/ spinning top candle, today it made hammer pattern.
Also it has been taking support and closing above 400DMA which is very very major support for any stock.
Only negative thing is that volume was lower than Friday.

Please refer below chart : 1day Time Frame.

Immediate resistance is at 4700 level
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All the levels and most of the trade setup still remains the same as per previous.
Trade Setup for Date 26-10-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.