1st March2017 update - "Trapped in motors from 500 zones-Line in sand@502" shall tell you the complete story- If haven't read -just go & pick the copy at or just click the chart.
Review of previous analysis
Scenario-2 - Expected a buy in the zone 440-445 & moving above 455 shall confirm- Awesome it moves to 448 just missed the zone but heads up & crossed 455 -confirmed for upside & target achieved as per scenario-1
Scenario-3- Are you dreaming - drive it - market never gives second chance & if you get it then you are blessed one- Vow! It makes a high 485 & drops to 471 in 17th March 2017 session.
The fall from 485 to 471 in today's session was impulsive & hot- likely I played in between as well -as a scalper above 475 to 478 intraday ending session.
Scenario-1 If TM comes in the zone 480-482 & starts falling back below 475 -putting stops above 485 Shall be looking for target 405-415 in 30-40 days duration.
Scanerio-2 If TM falls below 465-467 & sustains below that level then we have target zone 445-448 support as the next stop
Scenario-3 Risky Traders - They can go short- close to 485 if you get the bounce in the 480-482 zone.
Scenario-4 Breaking below 445-448 zone - Some Selling Pressure could be seen in the counter.
Have a nice weekend.
Abhishek H.Singh CMT
Falls from 478 close to the expected zone 480-482 & made day low@463 -indicating weakness in the stock
TM falls again from 480-482 zone -Loves that zone. Risky Scenario-3 & Scenario-1 works again.
Going below 458 - shall continue down for 448-450 target zone.
Again falls from highs of 478-480 -going below trendline shall puke more.
We will not carry & any position for weekends as Friday is holiday & long weekend -Shall have a look next week.
Enjoy all!- Happy Good Friday -14th April2017
Day Low@448- Taken support at the previous low of 448 - No shorts please - close all your selling positions if taken -we are still in big profits.
Going below 448 TM is prone to more weakness & we will see if we get a bounce for selling & looking for lower targets.
If it holds above 448- we wait to see what kind bounce are we getting.
Last Price@448- Closing the post.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ