VOLTAS is making a rising wedge pattern.
The obvious move will be a break down of the wedge as suggested by the Divergence on RSI.
Since price is moving up but momentum is slowing, a correction is expected.
This is a short term market move and post a 3-5% correction, stock will continue it's uptrend or go into consolidation.
Short below 820.
Nifty continues to consolidate and show respect to the over-head zone of resistance. An Inside Bar after today’s close will definitely encourage contrarian traders to take a short position below today’s low. Now that will be a pretty risky bet for which the immediate levels to watch for on the downside will be at (11,780-11,800). If you go short, please be agile...
overall stock now in a bear grip , but looking at risk reward on trade side
a pullback can be expected
thus will trade in two way
if it comes at 1370/80 zone will short
or if comes at 1290/1300 will accumulate with stop mentioned
LONG TRADE IN BANKNIFTY INDEX
-THIS TRADE IS CONTRARIAN VIEW
-TRADE WITH CAUTION
-INDEX IS TESTING ITS 21-EMA AFTER A LONG TIME EXPECT A REBOUND
-200-BAR EMA ON HOURLY CHART IS TAGGING ALONG WITH CRUCIAL RETRACEMENT LEVEL
ACC.TO SPOT LEVELS