raj_rishav

LT - Support line Breach (Minor)

NSE:LT   LARSEN & TOUBRO
LT saw a long term support line getting breached today after 6 consecutive bearish sessions.
It closed just above the support at 930 and is at a crucial level.

If it breaches 930 (closes below on the 5 minute candle) with NIFTY bearish: Short for 910 with SL at 945.
Take long positions only above 945.
Scalp in between.

The shorting idea won't hold true for gap-down openings - follow ORB in direction of NIFTY .
Comment: LT looking good; Buy if it sustains 945
Comment: 945 will complete the cup - there may be a handle or a direct break upwards towards 960,70,80 levels
Comment: Waiting on the hammer highway to give breakout - trade in the direction of breakout;
Comment: On the 5 min chart - its making hammers at 930 - 929 level
Comment: No trades triggered today! Idea valid for tomorrow. I already have long positions on Call options - not booking losses as yet.
Trade active: Sell triggered at 924
Comment: Target 910; SL 945
Trade closed: target reached
Comment: Short after the initial upswing (if any) for 900 and then 890 with SL at 924; in case of gap-down follow ORB
Comment: Waiting for close below 915
Comment: No trades triggered - looks like a dojo day

Comments

well said.. it may retest 975...... 995
Reply
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