It is been observed that the price action is consolidating at the bottom in a broadening wedge pattern. It is at the make it or break it situation. It has good support at 310 levels and then 290 levels. Currently, at a look risk and high potential profit scenario. Now, today's closing shall matter a lot.
Target 1: 322
Target 2: 330
Stoploss: 310
Trade active
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SL revised to 304-305
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Due to results day, there will be volatility and closing price shall further decide the movement on the same.
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Ujjivan opening at strong support zone of 290-285 as mentioned before, which is a good opportunity to buy at current levels and exit around 305 levels
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It is at 322 levels and now a close above 322 will lead to 330-340 levels.
Thanks
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As I said before in Ujjivan in the group chat that I shall be looking at Hourly close in order to determine the action and good news it that it closed above 300 levels on hourly chart indicated that the big players are still in control after all speculation. Now, if it manages to close above 322 levels on hourly chart or daily then it shall further excel the rally to 330-340 levels. Hope you had a good one. Regards "Just remember that closing matters in trading"
@vanathi, Yes, it did extremely well today, respected the support levels and gap downs. Hope you had a good one. Thanks
sausawan
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What are the chances it going 400+ ? I entered around 325 after a 3rd bounce around 298 level.. Seem it again testing that level..
NeeteshJain
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@sausawan, Good Possibility and the rally to upside begins once it closes above 322-25 levels. Thanks
nalinakshi
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This I very good pattern. I have observed many times on different charts. I feel it is bullish. 298 is the strong support. But if you see immediate support was 308. Yesterday it touched once and immediately it went up.
NeeteshJain
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@nalinakshi, Yes, it did happen, well noticed. Now, tomorrow if it closes above 322 levels then it shall begin a new rally to upside. Thanks
abhinavk31
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Opening at 294...what do you advice?
abhinay
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oh boy, results are bad. We can expect some weakness tomorrow.
NeeteshJain
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@abhinay, Yes, it did. We might see a strong volatility in first few mins and then the price action will follow the trend. If it moves below 300 levels then I shall short it for the target of 290-85 levels, which is the next strong support. Whereas If it goes down in beginning near 300 levels and did not close near it on hourly chart or even in 5mins chart then I shall maintain my trade setup and wait for a close above 322 to add further for target of 330-40 levels. Both the trade setups are well balanced. Thanks
sausawan
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@NeeteshJain, Bingo.. Went till 285 and came back above 300..