1) On 1hr time frame, we can see formation of head and shoulder pattern. Major support range is 191-194 level. Below this range it can become bearish.
Please refer below chart : 1hr Time Frame.
2) On 15min time frame, we can see a broad resistance channel.
Please refer below chart : 15min Time Frame.
------------------------------------- Trade Setup for 02-03-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
@Trading_hawk, But you've made a chart regarding long trade in intraday whereas the hourly pattern indicates bearishness
Trading_hawk
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@sandeshprabhu85 it is for intraday and neckline of head and shoulder is still 8points far ... we can't take entry with 1hr time frame in intraday. there are scenario of pattern gets fail. so considering both up and down move this is intraday trading setup.
Trading_hawk
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@sandeshprabhu85 so if you see from current level (CMP) 8points range is for down move and 6-7 points is for up move.
Why u choose this stock sir.for any specific reason for that?
Trading_hawk
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@ArasuKutty, Here are the reasons 1) One of the follower requested 2) There are also some followers who are looking to trade some budget stock below 300 price range in Intraday equity. 3) Pattern on 1hr time frame: Head and Shoulder