Study:- PCR is bullish; option chain looks bullish; In Daily TF 50 dema crossed 100 dema; H&S pattern observed. Currently trading in a channel. Volume decreasing on daily basis. Need volume surge along with price increase to cross the selling zone. If it closes above selling zone then probability will be to see momentum on upper side. It there is a BO then position can be taken or wait for retest to happen before taking position. Volatility is decreasing so chance of a sharp move is coming. If it breaks the trend line then it will slide down. As of now NOTA. *This chart is for educational purpose only.
@niloy586.in, SL should always be on the spot price or future price and not on OC value. If it breaks swing low 345 then probability of going down will increase. Your SL on Spot price should be near 345 based on ATR or low of today's candle.
Your Entry is not good. It should have been at 11.40.
If the option price crosses 13.45 where resistance is currently or in spot price 354, it will zoom. Bring your SL to 10.9 before tom mkt opens.
+ve sign -
Price is above VWAP. Huge position is build at 355 CE, some big shot has bought the call it seems like you. I will consider it as long build up as Price+OI both increased.
Vol also increased above 20 DEMA today
Hidden Bullish divergence observed in RSI which makes the setup very +ve.
-ve - Wick observed at top so got resistance near 355.
It might retrace before it picks up momentum to eat up the sell orders at 355 and then will rally, or might straight way move ahead base on buying pressure.
Overall looks good.
Trail your SL.
Do track both the spot and the oc graph simultaneous. Ensure you have your SL in your system. DO NOT assume it. Environment shld be +ve for it to move higher.
* This is not any recommended suggestion from my side. I only shared some observation I see in the setup.
niloy586.in
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@P_Saha, thanks a lot for your explanation and help