NeeteshJain

HCL TECH - Trade Setup (Monday)

Long
NSE:HCLTECH   HCL TECHNOLOGIES
The stock is in consolidation phase, where a swing trade setup is been spotted on the daily chart .
The price action firstly made a double bottom on the previous support indicating buyers strong hold on that price range, indicative of buyers buying at support again to swing the prices up. Hence providing a low risk swing trade setup on daily chart .

T1- 950 I SL - 920 I Duration: 1-3 days

T2 - 970 SL - It may vary depending on the correction once T1 is achieved

T3 - 990 I SL - It may vary depending on the correction that will happen once T2 is achieved


HCL Future Trading:
1 Lot - 700
Margin - 1.5 Lac
T1 - Profit 14K (10%)
SL - Loss 7K (5%)
Comment: Today, price action almost touched 950 (T1) now traders who are in the trade setup for T2, shall move up the stoploss from 920 to 930 levels.
Trade closed: target reached: Target 2 reached
Comment: Swing Traders can book partial profits and continue for T3 with change in SL at 950.

Comments

Sir, should we take consideration about the high volume candle formed on 26-04-21 and which supported downtrend and price was never able to cross high of that candle which is 954.50. Should we worry about that ?
+7 Reply
NeeteshJain TraderParth
@TraderParth, Yes, we shall respect that candle and trade accordingly after reaching our T1.

As I mentioned, each target will give correction due to high selling pressure in the previous rally, now we need to see whether buyers can turn around the demand, to move further up.
+3 Reply
TraderParth NeeteshJain
@NeeteshJain, Thank you sir.
Reply
this looks good
+3 Reply
I think a better entry point is if its breaks 940 with a short term target of 970
+1 Reply
NeeteshJain padavans
@padavans, Yes, that could be another good entry point with limited risk as one could take the low as SL of that candle which breaks above 940 resistance.
Reply
padavans NeeteshJain
@NeeteshJain, anyway the trade setup is a good find...
Reply
I hope that you are correct sir
+1 Reply
NICE ANALYSIS
Reply
sir please analyse HUL chart and
tell if 2400 traget is possible or not
Reply