1) Had given a breakdown with good at the and is currently trying to breach.
2) Currently trading below 50, 100 and 200 EMAs.
Entry: Can enter around 316.00 to 315.50, after breakdown from the support with good (can use 20 MA on to verify)
Stop loss: Keep SL at 320.50 slightly above the . Can trail SL below cost after first target is achieved and follow the trend further.
Target: First target can be 310.50 where there is a support. If downtrend continues with volumes then it will fall further till 304.00 to 303.00 which is the second target.
RR Ratio: 1.2 (Entry - 316.00, SL - 320.50 and Target - 310.50)
Note: There are some unusual heavy buying happening near the current . So be cautious before entry and during the trade as there may be a chance of reversal. Also watch NIFTY MIDCAP 50 for trend verification.
Reasons for Long position and Setup: In case if NIFTY MIDCAP 50 is due to NIFTY 50 uptrend on gap up, then can consider long position provided the below:
1) The stock has some positive opening and breached 50,100 and 200 EMAs with good buying .
2) NIFTY 50 and other major indices are trading in positive and MIDCAP 50 is also following.
Entry: Can enter at 326.00 and above with good verification (can use 20 MA on )
Stop loss: Keep SL at 320.50 which near the support. Can trail SL above cost after first target is achieved and follow the trend further to the second target where there is a resistance. Ideal to exit at first target.
Target: First target can be 332.50 where there is a resistance. If trend continues with volumes then it can go till 335.50 to 336.00 where there is a resistance.
RR Ratio: 1.2 (Entry - 326.00, SL - 320.00 and Target - 332.50).
Note: As long as there is no big gap up or rally in NIFTY 50 or some heavy buying, one can consider short position.