Larsen and Turbo has been in a nice and long uptrend for the last few years.
This stock has now approached this strong multi-year support zone with a lovely little Doji. Love the tension in the market at this point.
Do you think the stock will Reverse at this strong support zone or break it ? We will know it very soon.
Use your analysis skills and pick a direction!
A gap can be seen in the price of Asian Paints(highlighted in green), a previous attempt to fill the gap on 18th April did not succeed, stock has been able to hold Fibonacci level of 23.6%. Two successive dojis can be seen recently and delivery percentage for last three days are 55%,67%,57%(positive sign). The stock might move up once again to fill the gap.
We got a doji pattern on the nifty charts (daily) which indicates indecisiveness on the parts of the bulls and the bears and which indicates the present trend might take a breather. So it would be a good idea to sell on rise with SL of 11540 and targets of 11410/11350 for the short term.
All levels are Cash levels.
Totka used in Idea is called Reverse Fibonacci
Using the previous leg & measuring its 138.2% gave us the top 11117 - can we get the top again at 11320- no confirmation yet so only risky traders to take sell in 11300-11320
Note - Going above 11320 ( Sell call is negated - close all sell positions & out)
Plan A - Sell below 11265 on closing...