On Daily Time Frame 21DMA is placed at 1034.80 level. And Friday it took support just above this level and closed at 1047.90 level.
It will be if it stays above 1030 level. Below 1030 level it will make down movement for short trade.
I have just marked levels with line on the chart. Hope it is easy to understand.
Do comment your doubt or suggestion.
Have a good trading in next week.
tomorrow 1005 level to watch out.
If it open above 1005 and breaks 1005 with 15min candle then fall is sure. But if it takes support from 1005 then it still will develop strength to go up.
Same case with gap down. 1005 resistance then it will go down. And 1005 breakout then it will be go up.
today it has also breakdown 100DMA on daily time frame. Even if it crosses above 1005 then it will have immediate resistance on up side at 1009/1010 level now.
Today it has already broken 21DMA and 50DMA.
Here is the chart of voltas on daily time frame with 100DMA. If you notice stock has been taking support from 100DMA so many time. And if it breaks this 100DMA on daily time frame then it will be a down trend for VOLTAS.
As far as it is above 100DMA, we might expect a reversal. This is my personal opinion.
Right now 100DMA level is at 1009.
Hope it is clear to understand. If i will be in your position with this positional trade of option then I will wait to get confirmation of breakdown till 100DMA to book my loss.
Tomorrow, if any how it manage to close above 1040 then it will be bullish again.