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DRREDDY

Simple Trade Setup | DRREDDY | 31-01-2022 [INTRADAY]NSE:DRREDDY Observations: 1) On 1 day time frame,we can see that it has been having continious down fall and now it is near to immediate last major support of 4200 level. Range of 4200-4275 is working as support in previous days. It has now chance to bounce from it. But if it failed and gave breakdown of 4200 level range then we can see some more down fall of 50points for sure and then breakdown of 4145 can lead it more down to test 4000 level. Please refer below chart : 1day Time Frame. 2) Please refer below chart : 15min Time Frame. ------------------------------------- Trade Setup for 31-01-2022 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between levels. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:DRREDDY
by Trading_hawk
Dr. Reddy’s is at retest levels to go up or down …. Dr. Reddy’s is at retest levels to go up or down …. Reasons/Traits : • Bearish Cypher harmonic pattern is getting formed, to complete this pattern, trend will be up • 200 MA is tested and 0.5 Fib levels are rejected and 0.382 Fib levels giving support in last couple of days • Currently 1350 support taken, where 5 EMA is crossing 20 EMA and 200 EMA from bottom (currently all 3 at same place) • 4850-4950 levels need to be broken to move down or up respectively What can happen next : Scenario 1 : An upside break out of 4950 can take price to 5100/5250/5400 levels to complete harmonic pattern Scenario 2 : A downside break of 4850 can lead to the testing of 0.382 Fib levels 4850 is an important level, let’s see.. Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
NSE:DRREDDY
by AdhigamaTrading
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