DEVERAMA
Long

VIEWS ON ESCORTS FOR LONG TRADE ON NSE (INDIA)

NSE:ESCORTS   ESCORTS
This is daily chart of ESCORTS on NSE (INDIA). After substantial fall in price from 1017 to 541, it is showing reversal and could be a good long trade based on following observations:


1. It is reversing after testing key supports which are shown by arrows on the chart. It is a kind of triple bottom.

2. OI built is also observed in futures contract of current month.


3. Besides price action as mentioned in preceding point no. 1, there is clear bullish divergence as seen on RSI which has been marked on the chart.


There is a strong support zone in a range of 540 to 550 and hence it could be a good investment idea.


Kindly opine so that we all get benefitted through cross learning.
Devesh Kumar Sinha (DK)
Nagpur (India)
It requires one more confirmation, I think we should buy it above 650 level, what do u think?
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@uvanza, I agree with you because more the confirmation, lesser is the risk.
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Agreeing with your view

wave counting as per me on Daily chart

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@joel-vg, perfect
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Totally agree. Have same technical feel about canfinhome and TATAELXSI too. Similar double bottom with rsi divergence. Which again makes you believe nifty is set for at least a little rally.
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@matts1, I am publishing views on TATAELXSI in another 10 minutes as formation is good as suggested by you....Thanks a lot
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@matts1, yes, Canfinhome also looks good for long.
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