Scrip after company showing good Q2 results and beating estimates, has managed to see breakout with good volume but bullish surge confirmation is yet awaited as Doji star has appeared on top of the bullish engulfing candlestick
Doji star indicate neutrality in price and indecision amongst traders and can be said to be sign for trend reversal so waiting for confirmation here could be quite necessary
Planning to Enter above 127-129 for aiming for price target and beyond as defined in charts
Scrip had touched the 101 support level from where The bulls have managed to pull up the price up after it has fallen down to good extent. Wick marked with curve says it all in charts wherein, the scrip had rebounded back from similar support level earlier too Rest in charts
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My last buy at end of 2017 trading sessions..
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Bearish Price Channel: As long as prices decline and trade within the channel, the trend is considered bearish. The first warning of a trend change occurs when prices fail to reach channel line support. A subsequent break above main trend line resistance would provide further indication of a trend change Although, I feel that there could be trend reversal owing to RSI in oversold zone and also, the fundamentals of Pvt. Banks are good.. Keeping SL at around 92
After several block deals, Scrip might surpass the consolidation channel with bullish harami candlestick in motion
The bullish harami is a downtrend or bearish candlestick (red) engulfing a small bullish candlestick (green), giving a sign of a reversal of the downward trend.
The bullish harami indicates the bearish trend may be reversing
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Scrip has formed rounding bottom. Expecting the reversal to be stronger post Q4 results tomorrow and expecting the scrip to surpass 52-week high (124) this time
Trade closed manually
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Will exit position with probabaly, minimal loss, as the Q4 results posted by bank arent as per expectations ):
Provisions have exceedingly increased with worsening in Net Npa. Doesnt appear to be long term prospect after seeing the results. Management could have adjusted provisions variably over every quarters instead of offloading all at max. in ending quarter