According to Franklin Ochoa in his book relating to pivot points, IGL today classifies as a good "breakway plan trade", since following condition is satisfied:
confluence of opening 15 min price:
1. breaching previous day range
2. breaching previous day R2
3. breaching current day R1
4. succesfully testing todays R1
5. Narrow range CPR stocks
In banknifty we can clearly see that it has given a close above CPR and its R1. Whenever the prices close above the CPR and/or R1 it is said that prices move up.
In nifty it has given a close above CPR and weekely central pivot. So again an upmove is expected.
Buy on dips is suggested for the coming session on 13/8/2019.
CPR and pivots are marked with blue arrows...