TATA POWER -- HOURLY CHART -- INTRADAY SETUP-- 04/05/2022
1. Trend line breakout seen at last Hourly candle after recent correction from 298 sub level to 248 level .
2. Before trendline breakout double bottom formation seen around 238 level
3. WAVE TREND seen bullish
4. trend reversal sign clearly seen around 245 level as last hourly candle
BUY TATA POWER BETWEEN 245-248 on intraday
TARGET 252-255-260
stop loss 241.50
** THIS IDEA IS FOR EDUCATIONAL PURPOSE ** trade at own risk !
HAPPY TRADING. !!
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short term long position also can be taken at this 248 for target 250-260-280
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as stock open above 248 new intraday support will be 247-248 now
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intraday high 252.90 till now. 9.25 am - 04/05/2022
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partial profit book at 253.90 .. 9.50 am - 04/05/2022
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book profit above 253.50 with trailing stop loss. !
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nifty looking for some support at 16930 as back to back doji candle formation 15 min chart , if nifty break 16900 then will be bearish . above 17000 will be bullish on intraday . !
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one can reenter around intraday support 248-249 revised stop loss bellow 245 and keep revised target 252-255
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RBI POLICY ...!! lets see how market takes it ! as if nifty strongly negative
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RBI POLICY -- REPO RATE . CRR increase does not like market . nifty break 16800 support level which was hold strongly till now. !
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though profit booking has made on TATA POWER earlier at Morning session . !
@psyank281, i book profit at 253.90 Partially . for rest i will wait for sometime to nifty bounce back ..! anyways if you exited in profit ! nice trade !