I have used Lifetime high & low to identify two zones: Bullish & bearish zone.
THE CHART
-> Lifetime high + Lifetime low / 2 = Rs 404 (markerd with redline)
-> Higher & Lower piviots are market for actual stoploss & trailing stoploss
Observations:
-> RSI is at 60 level indicating bullish as well as a point of resistance.
-> MACD has a positive crossover & Divergence is increasing.
-> Price channel is positive.
-> Bullish Strength candle are marked
Delivery
30 April 2020: 17.41%
-> Low delivery suggesting a speculative move.
Option Chain
MAY 2020
-> Significant call writing at 450 & 500 (Resistance in price action as well )
-> Significant put writing at 400 (404 baseline)
Conclusion
While Nifty may see some recovery we should try to initiate a long position in quality stocks.
CMP: 410
Target 1: 445
Target 2: 480
Stop loss: 391
THE CHART
-> Lifetime high + Lifetime low / 2 = Rs 404 (markerd with redline)
-> Higher & Lower piviots are market for actual stoploss & trailing stoploss
Observations:
-> RSI is at 60 level indicating bullish as well as a point of resistance.
-> MACD has a positive crossover & Divergence is increasing.
-> Price channel is positive.
-> Bullish Strength candle are marked
Delivery
30 April 2020: 17.41%
-> Low delivery suggesting a speculative move.
Option Chain
MAY 2020
-> Significant call writing at 450 & 500 (Resistance in price action as well )
-> Significant put writing at 400 (404 baseline)
Conclusion
While Nifty may see some recovery we should try to initiate a long position in quality stocks.
CMP: 410
Target 1: 445
Target 2: 480
Stop loss: 391
Comment:
Do check the direction & strength of the overall market.
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