PrashantSarnaik

TVS Motors - Low Risk Setup

NSE:TVSMOTOR   TVS MOTOR CO
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TVS Motors formed hammer at 50 EMA and on lower channel of BB. It can be low risk trade with stop below hammer and entry above high of today's candle.
from trend line perspective its below the trend line- hence sell (just an opinion, glad if corrected)
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@we4jain, Agreed that it broke TL, but my thinking is based on 1) Nifty is in strong uptrend, 2) TVS Motors and Maruti are the two stocks from Automobile which are outperforming Auto sector and has not shown any weakness so far, 3) TVS is at lower Bollinger band showing a hammer type candle that bulls took the control at end of day and its also at 50 EMA which is an important dynamic support. Even we apply Fibonacci then price has retraced almost 50% of its previous upmove. All these things indicate that odds are in favor of resumption of uptrend though its not a certainty but small risk could be taken to enter in an uptrend.
Thanks for your comment, All the best Sir
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we4jain PrashantSarnaik
@PrashantSarnaik, thanks for the detailed commentary...agreed with you on ur points, very detailed.. thx for sharing the knowledge... BTW after todays fall and with RSI at 31 which is a major support, i think it becomes a buy now

Pls share yur thghts- can we take a call option, ??
Reply
@we4jain, Dear Sir, I am not an expert, my idea in TVS Motors failed and trend may change now.
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