raj_rishav

UPL - Deja Vu

Long
NSE:UPL   UPL LTD

The stock is sitting beautifully at its 0.618 retracement level.
Two long term supports/resistance are drawn at 480-482 & 498. You will have to scroll to left to see why!
It made a Shooting star today but I won't read a lot into it.

Positional Trades:

Go long above 465 for 470, 475, 478, 482 with SL at 459
Short below 459 for 455, 450 with SL at 464.

Please note the use of "above" and "below" instead of "at" !
Comment: The smaller step-targets are for a reason - NIFTY is trading in a ranged consolidation mode, so trail SL strictly to stay in green; Re-enter on retracements!
Trade closed: target reached: Trade closed on T1 on the sell side
Comment: will re-enter for buy side trades
Comment: Buy above 459 for 465, 470 and upwards with SL at 454 if market isn't falling!
Trade closed: target reached: Options trade closed at 480 today
Earnings release may be volatile - not taking chances

Comments

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