Potential Opportunity as Swing Trade in RELIANCE INDUSTRIES
Risk : Reward - 1:2
Entry - 4705
Stop Loss - 4590
Target - 4935
This is for Educational Purpose only, apply your prudence & consult your adviser before any investing.
HAPPY TRADING...... :)
#nse #swingtrade #nifty #drreddy #nifty50 #bullishflagbreakout
NSE:DRREDDY
Observations:
1) On 1 Day time frame, After Friday's doji candle/spinning top candle, today it made hammer pattern.
Also it has been taking support and closing above 400DMA which is very very major support for any stock.
Only negative thing is that volume was lower than Friday.
Please refer below chart : 1day Time Frame. ...
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be formation of Inverse Head & Shoulders. If the neck line is broken, we can initiate a buy in cash. RSI above 65 indicates bullish momentum. Moreover, the stock has more relative strength as compared to Nifty 50.
SL: ₹4825
EXPLANATION : This is a 15 min time frame chart of DRREDDY . It has formed Symmetrical Triangle Pattern , both side levels marked in chart .
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EXPLANATION : This is a 15 Min time frame chart of DRREDDY . The stock has formed a Ascending Triangle Pattern , I will look to go long if it gives a good breakout of its supply zone and continue the upward rally . I am not comfortable in shorting unless it breaks its trendline with volumes. Entry as per your entry setup .
crossing the 200 ema it will gain proper upper momentum and along with the pattern, it shows dual confirmation ;
time duration - about 2 months ;
seems like it can easily break the above lines ;
first target - 5400 , second target - 5600.
purely for educational purpose .
Dr Reddys lab is in the triangle pattern and going to take its breakout, so give an entry with appropriate Stop loss only after the breakout
🔴DISCLAIMER
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give...
ooks good for a quick option.
Take trade as per the values given in Fibonacci. always trail the stop loss. do your own analysis before taking trade
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![DRREDDY: Simple Trade Setup | DRREDDY | 26-10-2021 [ INTRADAY]](https://s3.tradingview.com/e/E3N2nRlW_mid.png "Simple Trade Setup | DRREDDY | 26-10-2021 [ INTRADAY]")
