Risk Reward of 4.35 if Hindalco holds in the zone 180-183 without going below 179- critical level.
We wanted some upside push for us to get confidence to get this trade working but markets are weak in opening.
One loses 50 paisa if buy trade taken at present level of 179.50. We don't have confirmation yet but downside is very small loss so Traders should take trade but break the same asap 179 is broken.
This is an emotional trade.
Putting Stops below 179.50
Turned again from 179.50-180 zone - gave 2 chances of going long, someone who can take risk of 1 point can enjoy such trades- I guess, we hardly get such trades where your risk is very low.
We have nothing to lose here -only gain if pattern does not work.
Turning above 179.35 - we need Hindalco to cross/stay above 183 for giving us confidence else risk takers who have taken position close to 179.50 has nothing to lose in the trade.
Kissed the target zone 190-192 as suggested on 16th April2017 & we kept following same till we get it.
Closing the post at 190 - Target Achieved.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ