Mindtree showing weakness and today closed outside the daily Channel. Considering it as breakdown, Sell can be initiated between 497-500. This might go further down.
TP - 480 SL - 505 (On closing basis)
Trade active
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Sell initiated at 497. Going good so far.
Trade active
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Made low @ 485.60.
Trade active
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Trade active
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Today on 16 Jan 2017 @ 10:47, it made low at 281.25. Going good.
Trade closed: target reached
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Spot on Target. 20/01 target reached. Patience paid here :-)
Comments
bhavinshah1985
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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
dev_trader
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@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.
bhavinshah1985
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@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..
dev_trader
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@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
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@dev_trader, another Doji today, seems bears pressing too much from every high but going no where, now 490 is sustained, lets see how friday pan out
dev_trader
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@bhavinshah1985, Lets see. Will be good to watch :-). As mentioned earlier comment, more conservative to come out cost to cost. On risk side, we can keep the original trade.
bhavinshah1985
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@dev_trader, 490 Again from 499-500 level, building up pressure at this level , results on 19.1.17 , lets see how far it can fly
dev_trader
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@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 !