Technically on the daily charts we see major support on the downside @ 803 levels, whereas minor resistance on the upside is capped around 847.50 level. If breaches minor resistance on the upside and closes above it for 15min, we may see fresh breakout and M_M can Lead towards higher levels around 868/907/959 levels in Short Term.
For Educational Purpose Only.
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sir I bought m&m 860 jan ce at 12 rs now I am in loss and it is trading at 9 rs .. kya kare isme? any chance to recover losses ? or I should book loss? please suggest
miraldesai
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@tanmoyg112, Stock has consolidated for good 10days auto sector in up today but M&M struggles for break out, above Resistance @ 847.50 Stock momentum will be fast on upside in wave 3 Till then manage risk with proper SL and can re-entry once break out happens. All comments For educational purpose only. ( Do proper Risk managment and Active SL in Option to protect your capital)
miraldesai
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@tanmoyg112, follow me for proper timely update in live market and trade setups.
tksthathachari
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@tanmoyg112, When market is in consolidation mode it is better to sell options. You should have bought only after breakout above 848 levels. If tomorrow, the stock doesn't trade above 848 in the first 30mins -1hour, you can exit the option and reenter after a 15min candle closes above 848.
PS - M&M has consolidated strongly. Today too the closing was just below resistance at 842 levels. Expect stock to go up tomorrow.
tanmoyg112
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@tksthathachari, sir I booked profit at 15 and now I bought 860 ce at 11 rs today again and holding ..
Could you please let me know what will happen with glenmark..I have bought 550 ce at 6.8 and today's closing is at 6.2..loss Hora h.. recovery deneka chances Hai kya ?? Kindly suggest
tksthathachari
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@tanmoyg112, ok..You have lost just Rs 0.6 in Glenmark. Increase your risk appetite if you are taking OTM calls. Put 200 EMA in chart. It should move up once it breaks out 200 EMA . Bullish above 528..