This stock is forming flag and pole and moving up. It is near its control line of the parallel channel. If manages to hold 3126 low, it can move 100 points from CMP or else will move down the lower value of parallel channel. Trade as per the market moves next week. Remember key level is 3126 for long and below that short.
DRREDDYS openned with Gap up and broke n line(b ). Selling above line(a) is not bad idea.
ATR 182
CMP 3386 with high
--> 3386 + 182 = 3568 R
Suppose to create tail, then resistance 3455.
Steps to sell=:
@3434-3466
next @3568
Support test is good.
Drreddy is good to go up once again after a sharp reversal from earlier breakout.
STOPLOSS - Bottom of support area
TARGET - As pleases. look into SHORT@ICICIBANK to set targets
DAILY CHART - SPINNING TOP CANDLE, WITH DECREASING VOLUME FROM PAST 4 DAYS.HUGE FALL IN NIFTY BUT IT DIDNOT FALL, MAY BOUNCE BACK UPPER SIDE.
****INTRADAY***
long above 3135, SL 3115
Target 3150/3170
short below 3112, SL 3135
Target 3100/3052
NSE:DRREDDY shows negative divergence in Daily charts at the Monthly Resistance zones. Today, TL has been broken.
Used 75 min to enter short on this one, once the TL was broken along with break of support levels. EMA crossover had already occurred earlier. An options call spread is suitable in such circumstances to eat premium.
1. Bought 2850 CE at 23.4
2....
