virralthakkaar

ICICI Prudential Futures

Long
NSE:ICICIPRULI1!   ICICI PRUDENTIAL FUTURES
ICICI Prudential Futures

Buy idea

LTP: 479.45
Support: 460.75
Resistance: 538.55 (539can be considered as a breakout level too)

Daily charts (long term)
The charts a bearish , head and shoulder pattern from 2nd Dec to 12th March. The pattern was followed by a breakdown to 433 levels after which there has been a recovery since 22nd March and finally the pattern was broken on 20th Apr .
Another pattern that I see is a cup and handle pattern. This is a strong bullish pattern and this pattern was one of the reason that I am bullish in this script.
MACD and RSI are showing a strong bullish trend as well.
We can depend on the script with such strong daily charts as this means that it might not breakdown for sometime now.

Hourly charts (medium to short term)
Hourly charts did close with a confusing note but none of the indicators are in the bearish territory. Just slight sideways and neutral moves in the charts.

15m charts (intraday or short term)
50 DEMA is at 476.10 and the LTP is 478.25. The stock is trading too close to the next support level .
RSI has broken the 50 mark and there is some heavy selling in MACD as well.
This means that we can expect a little dip.

Final overview: Can buy now and add more at around 470 - 476 levels. I am not sure if we will get a chance to buy at lower levels so I would suggest to begin accumulating the stock from this level and add at lower levels. ICICI Prudential Futures

Buy idea

LTP: 479.45
Support: 460.75
Resistance: 538.55 (539can be considered as a breakout level too)

Daily charts (long term)
The charts a bearish , head and shoulder pattern from 2nd Dec to 12th March. The pattern was followed by a breakdown to 433 levels after which there has been a recovery since 22nd March and finally the pattern was broken on 20th Apr .
Another pattern that I see is a cup and handle pattern. This is a strong bullish pattern and this pattern was one of the reason that I am bullish in this script.
MACD and RSI are showing a strong bullish trend as well.
We can depend on the script with such strong daily charts as this means that it might not breakdown for sometime now.

Hourly charts (medium to short term)
Hourly charts did close with a confusing note but none of the indicators are in the bearish territory. Just slight sideways and netral moves in the charts.

15m charts (intraday or short term)
50 DEMA is at 476.10 and the LTP is 478.25. The stock is trading too close to the next support level .
RSI has broken the 50 mark and there is some heavy selling in MACD as well.
This means that we can expect a little dip.

Final overview: Can buy now and add more at around 470 - 476 levels. I am not sure if we will get a chance to buy at lower levels so I would suggest to begin accumulating the stock from this level and add at lower levels.

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