We will try to search for all possible reason of buying in the zone 180-183 - Strict 179 stoploss which is X-Factor- Careful X factor breach on downside can take pattern deep in red & invalidates the structure.
Risk Reward of 4.35 if Hindalco holds in the zone 180-183 without going below 179- critical level.
Trade active
⋅
09:50 Hrs 17th April2017
Last Price@179.50
Day Low@179.35
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.
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.
Trade active
⋅
09:45 Hrs 18th April2017
Last Price-190
Kissed the target zone 190-192 as suggested on 16th April2017 & we kept following same till we get it.