- the stock has seen a meteoric rise from 161 in Mar 2020 to 550 in Jun
- the stock has also seen a sharp drop of 120 points from the highs
- at current levels there are multiple support possibilities
- 20 day EMA currently at 429
- 38.2% retracement at 415
- incidentally the green zone has acted as important level exactly 1 year back between July 2019-Aug 2019
Given the setup, one may consider buying in 2 tranches
- at CMP or on any dips towards 415
- use 2nd part only if price dip towards 380 - 394 zone
Target for the setup - 612 / 646 levels in medium term
Pattern would get invalidated if it closes and sustains below 365 for 3 consecutive days
The set up provides a Risk::Reward ratio of 1 :: 5. ______________________________________________________________________________________________________
Discliamer: - The view expressed here is my personal view - Use this for educational purpose - Any decision you take you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be