I am long from this level as crossing lower channel is from my point of view is a pull back, until and unless the close is below 475-480 with heavy volumes as compared to previous day , SL 475 Target 500-520-540
@bhavinshah1985, Thanks for updating. I will keep a watch and consider it. That will be a good learning. I am with you that 480 levels are important and that is the reason i have given 480 as target for above mentioned trade.
@dev_trader, not breaking 480 level since 3 days and doji on 09/01/2016 and another doji on 11/09/2016, suggesting that down level is stay at CMP, bulls not getting bears to beat the price down, lets see how the coming week pan put..
@bhavinshah1985, Agreed. On CMP also, we are in profit of 9 points. If this breaks 495 with volume, then exiting this trade on cost to cost basis. As you said, lets see how this turns out to be in next couple of days.
@bhavinshah1985, If it bounce, we will be in loss of 7 points (to keep the original SL 505, Ideally it can be at entry point of 497 with 0 points), however if it goes per our analysis we will have our target achieved with 17 Points profit. Regards !