RELIANCE sells off with a historical one-day fall of 180 points. The stock has been in a downtrend for some time and never managed a bounce back for pull-back traders to initiate a short trade. Over the past three weeks, the stock has corrected significantly from its recent high of 2300. Not to forget the fact that RELIANCE is the top-weighted stock in the bourse....
Zeel has broken its weekly support level and formed a bearish flag pattern or you can also call it a retest to that zone also.
P.S : Trade at your own risk, Conuslt your financial advisor before taking this trade and i would not be responisble for any of your losses.
Nestle is on a downtrend.
It broke below the 200 DMA with strong volumes. It has pulled back right till the 200 DMA where it was met with resistance.
And now we've 3 strong red candles successively (three black crow candlestick pattern suggestive of bearishness)
And the resistance can be seen right at the trendline that I've drawn.
SL: use trailing...
NSE:CUMMINSIND | (Positional/Long Term Trade.)
Entry:- Below 450 to 435
Stop Loss :- 468 to 480 or (According To You)
(Risk Must Be Managed.)
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Nifty - Technical Analysis:
-NIFTY gapped up but instantly started falling from 11300
-It fell till 11100 and bounced back from it to move sideways for the rest of the day
- Nifty ended at 11,153.65 with a loss of 97 points or 0.86 percent.
Market - Driving Factors:
-Among the sectoral indices, BSE IT and Teck ended in the green, bucking the trend. On the flip...
Axis bank broke out of a trend line which it has been holding since May and taken a retracement. Possibility of down trend.
Reason to short:
1) Major Breakout in daily time frame as well.
2) Multiple Retracement ends up in downwards momentum (M-Pattern Formation: Showing down trend as well).
RR ratio should be calculated and trade should be taken accordingly.