NaveenGr

PARAS DEFENCE - Possible Long with very good Reward

Long
NSE:PARAS   PARAS DEF AND SPCE TECH L

1. Major Support - 700
Major Resistance - 879, 1200.

2. Trend - Up. Deep pullback going on. 3rd Nov
high break failed and lead to new low. Buying
from 780 levels.

3. Current Strength - Buyers are trying to push above 780 continuously. However strength is still in selling side.

4. Future trend - Low 798 break and new low breaking 742.

5. Possible Trade -

a. In direction of Trend which is up. If low breaks but fails to make new low. This will be failure of expectation of sellers, confirming weakness in selling.

Buy - 838 break.

Stop - Below entry candle low.

Target - 875, 1000, 1200.

Setup is similar to one of the ideas shared - IRCTC , check link to related ideas.

Comment: Trigger price for buying - 812.