There was a rounding bottom pattern in Religare and it was bullish because of it. Now it will probably consolidate between this new support region and a historically important price range. (104-117 region). Afterwards, it can break this range and go up at least till 175-180 region. See the screenshot below, analyse on your own and let me know your thoughts.
Trade active
⋅
Since I only opt for very short term swings, I exited with more than 10% profit around 128.4. Such profit bookings are bound to happen every now and then. Tread lightly.
I bought @101 Now the stock is falling CMP is @125
Should i wait for an uptrend ?
IamGeorgy
⋅
@syamgogineni999, Most of stocks are falling, right? The whole market sentiments is negative. But if you bought at 101, I think you are safe. Once Nifty halts its correction, Religare might take support on the 115.5-123.5 levels and go up again.
I hope you haven't invested 100% of your capital on Religare and I hope that you are maintaining a strict Risk to Reward ratio. Because, not all stocks with strong momentum have strong financials.
sohamdey76
⋅
exited at 130.
IamGeorgy
⋅
@sohamdey76, Great job! It went up till 142.4 today. But the growth or fall of a stock after getting out of a trade shouldn't bother the trader.
Now the stock is falling CMP is @125
Should i wait for an uptrend ?