The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets. Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
Checkout my other ideas to understand how one can earn from stock markets with simple trade setups. Feel Free to comment below this or connect with me for any query or suggestion regarding this stock or Price Action Analysis.
Comment
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Target-1 achieved handsomely looking strong for further targets
We should not assume it to be a breakout on the back of low levels of volumes especially in a bearish market....
TradewithAditya
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@VivekGolchha, brother this is not called assuming. It would have been an assumption if the price had not broken out of a range and yet we would have taken it as if it is going to breakout. But, instead we are following price.
And that's the best part about being stock specific in market. In any kind of market, there are certain stocks which keep on making highs. It is not necessary that if Nifty is making lows then all the stocks need to make lows.
Being stock specific is the way how this market works, and how the matured traders/big players work. You might have seen that HINDUSTAN UNILEVER was making higher highs while all the market was falling in March - April 2020. Similarly, now Nifty has been falling but ASIANPAINTS has been making upward moves.
In any kind of market, you can always several stocks which keep on moving against the broader movement of Indices.
There is a lot to speak on this but I hope you understand what I am trying to say. In case of any further query, pls comment below or feel free to contact me. Keep learning
MrHerbalizer
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@TradewithAditya, agree with you Aditya...couple of months back bought Adani greens...gave me a profit of more than 20 % though market was falling...while other two stocks hit the stop loss...being fairly new to the market, it was a learning for me...
ssmv
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@TradewithAditya, perfect. Any chartlink screener you can advise us for identifying potential bo stocks. Thanks.
TradewithAditya
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@ssmv, Personally, I dont use any indicators to find stocks. I go through charts of large number of stocks on daily basis and thats how I find out the right opportunities, be it on Breakout or on Retest or even on Early Entry basis.
But there are some good screeners/tools freely available which can help in finding out such stocks. One example is Chartink
ssmv
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@TradewithAditya, Thank you Aditya. I agree with browsing watchlist stocks.