In IGL we saw a symmetrical triangle breakdown and Reversal from Demand Zone, now it can enter in triangle again.. Targets- 492,504,521, SL- Below 470
Disclaimer: author may enter in trade, take your own decision , This is an trading idea not an trading or Investment advice.
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Terrible market fall today, almost 3.5% due to this all stocks hit SL and broke supports, but this stock is good and can still reverse
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T1 hit, missed T2 barely and made high of 501.5. It is possible for price to go down and face rejection from around 485 levels, closing above 504+ will be strong for the stock and can start its bull run.
Market are highly volatile and now is the time to be cautious if it falls down below 480 level then we can see shorting opportunities for target 475 as it is still good support, but it all depends on market and for shorting it is advised to study chats in 1 min/5 min/15 min timeframe and see any bearish pattern appearing then only short because targets can change and the bear run could be stock consolidation and be a trap for sellers
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In higher timeframes IGL is forming round bottom pattern and also ascending triangle, this is a solid signal that it will break resistance of 520 to go huge, if closes above 520 with volume, long term target update- 700 for now to make all time high!
Trade closed: target reached
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Made high of 519.5, if it closes and sustains above 520 then it will definitely go up more
Today it broke 470 very easily(your SL) and came close to 450 levels.... but regained a bit... Are you still optimistic that it will touch 492.00atleast again
iamtechnofreak
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@shraghu2010, The market fall today was terrible for nearly all stocks, people got their SL hit and heavy panic selling was there , we are yet to see how market will perform tomorrow and this week, if market falls more then this will definitely break and will not sustain at all. Otherwise if market stays positive then once IGL gives a closing above 475(the demand zone) then 492 is very much possible. Even I am in this trade but did not exit in fear of the panic selling in the market today, it still needs to close above 475 now because it will act as a resistance for it now
shraghu2010
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@iamtechnofreak, Even I am long @ 476.25......and didn't exit in this crazy selling and still holding my long position, should I exit @ cost price or wait for the market to recover?
iamtechnofreak
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@shraghu2010, I am holding around same price, as I told you that if market recovers and igl closes above 475 then it can go for the expected targets again. But yeah market support is required. Since stock is good it is not bad even for long term holding
shraghu2010
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@iamtechnofreak, As you said IGL zoomed like a rocket during closing hours, crossed 475 and striked 500 too in a matter of minutes, but I had exited my position in the morning with small loss.... Do you think IGL will sustain @512 and go upwards or is it better to short now for 480 levels again.
iamtechnofreak
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@shraghu2010, haha yes market was in downtrend the whole day and it seemed it would keep going down but it recovered and now is bullish again, IGL has now broken past the demand zone and is now back in the symmetrical triangle that formed earlier as you can see from charts, this was supposed to happen yesterday but that fall happened, though it should not change anything in the analysis, now it can have a bullish run above 504+ as it is a good resistance if it closes above it then yes 520+ is very much possible.. but market is still very volatile and it is very risky to open positions for now, if you have exited I will advice you to watch the market tomorrow how it works. Shorting it is very risky as 475 is again very strong demand zone, the price spike is clearly showing that, I would not risk shorting the stock
I check other people's market analysis, and though most people are saying that market is still in bullish run and yesterday was just a correction, one person is saying tomorrow will be a negative day and today was a correction in the bearish run lol, we are yet to see how markets will go and don't trade against the market. It's never wrong to be cautious, happy trading
shraghu2010
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@iamtechnofreak, yes,,,,you are right, but please check yesterdays future's positions , lots of traders shorted IGL yesterday. In the morning session, it couldn't sustain 480 levels and it dropped back to 462 but regained and was struggling to breach 475.00 levels and traders were shorting heavily that is when I exited my positions @ 473.00 and then the reversal happened and all the shorters were trapped badly and covered their short positions. Now I an really confused , should I take long positions at this level and I know know it risky to go long now and shorting the market now is also risky like swimming against the tide...Now @ what level should I go long...486 or should I wait for 475.00?
iamtechnofreak
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@shraghu2010, if it comes to 475 then don't take trade in it, it can go anywhere from there.. market today was negative in morning and all stocks were going down, thus people were shorting it heavily and that's why it fell in morning, but once market reversed then igl got boost and was good to go. As I said it depends on market for tomorrow, if you really wanna go long then wait for igl to close above 504/510, because then it can push to 520+ levels, if it closes above 520 then it will go higher for 540 levels which can be the final target, but I don't recommend waiting for 540 considering current scenario.
IF it falls tomorrow then look for shorting opportunities below 480 levels for targets of 475/470
BUT remember whatever position you take long or short don't wait for targets strictly because markets can reverse any time this is high volatile time, thus always trail stoploss, if you take position and come in profit put your sl on cost and trail it so you don't go in loss. And maintain strict stop loss even if you go in loss, stay cautious, this current time is to not be greedy and be safe
shraghu2010
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@iamtechnofreak, Thanks for the feedback, US market has opened flat, let's see what happens tomorrow with the Asian market in the morning, and as usual Thursday expiry will be very volatile and it may trap the trader's. 🙏