This is a highly volatile stock so risk averse traders can simply ignore this trade. Notes on the chart.
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The stock gave one shorting opportunity near the falling trend line and hit the first target. Although not performing as expected yet consolidating. The stock can be a good long at the levels mentioned. We may look for seller failure below the triangle base to enter long.
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The triangle has turned into a range. I would still look to sell the fake breakouts and buy into our support level mentioned above.
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Very nice bounce from support mentioned earlier. Stop at breakeven, target 420.
Trade closed: target reached
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closed at 419.80
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May go to 423-425 today but who cares. I have taken the juicy part of this trade and that's sufficient.
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Stock pulled back from 425 but the pullback was shallow, I was expecting deeper pullback so did not enter on break above 425 as planned yesterday. However it was just shy of kissing the first target. Later it pulled back to support zone near 423. I am still waiting for a deeper retracement. Enjoy.
@naveen_agrawal, I updated but somehow it's not here. All the three charts are good. HdfcLife is cleaner of the three, I mn movements on the chart are clear. Buying on pullbacks will be the strategy.