1) On 30min Time Frame, It has been taking support from parrallel accending from long time. And it closed just above that upper trendline.
Please refer Chart below: 30min time frame.
2) On 1hr time frame, it is making accending . Breakout of 1260 level on hourly time frame will give good up move and can be also buy entry for positional buy trade.
Please refer Chart below: 1hr time frame.
Trade Setup for Date 20-08-2021:
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 target w.r.t price action working near that level tomorrow.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
I am glad that my ideas are helping you to learn levels.
I am bullish on Havells.
I can see 1260 level easily by today or on Monday.
One reason is that in option chain data most of call writing is now getting unwinded.
If it close above 1260 then we can see 1280 level.
but I will re-enter in the trade once it breaks the 21DMA on 15min time frame.