LT is back in the price action value area as I had discussed in one of the earlier posts. It has also taken support from the trend line as indicated in another post and the sentiment remains bullish for it to cross 1000. The ban on Chinese firms in different infrastructure sectors should definitely help the move up.
The stock closed the week at its value price of 945 The key resistance for the upward movement are 955 and 980, while key support levels are 940 and 930.
Value areas always make ideal candidates for scalping. Thats what I would look to do.
Positional trades can be taken as: Go long above 955 for 975-980 levels with SL at 945 Short below 940 for 930 with SL at 945.
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Please be wary of gap openings when initiating positional trades.
Trade active
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Buy triggered at 955
Trade active
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955 is coming as a tough resistance to beat; But tougher the resistance larger is the breakout once it happen. There is a lot of trading remaining in the day though and the idea is good as long as NIFTY stays above 10550
@skgd, please check one of the linked divergence ideas - can see the SBI ideas (both the one linked above and another SBI idea linked to the above SBI idea). There are various YouTube videos on Hidden Divergences if you want to learn more on the subject.