GIPCL-A powerful breakout in this power sector stock!An eventful day after market reacted very positively to exit polls.
Today, all PSU stocks and Energy sector stocks were extremely bullish.
One such stock which has given volume breakout is GIPCL.
All momentum swing traders can take a position for quick returns in this stock.
However, risk associated is more as we can see a profit booking in market post results.
A good long term stock as well since it has the name Gujarat in it which makes the adjective "Powerful" for it ;)
Exitpoll
03 Jun 2024 - Exit poll results takes Nifty50 to all new highsNo technical analyst could have predicted what would happen today, yes most of them would have guessed it right. The analysis that really stood out Friday was when one of the analysts posted the screenshots of Adani group stocks and mentioned - see the exit poll results before the actual exit polls.
Honestly, it could have gone either way. If the exit polls predicted less than 270 seats, then we would have fallen 800pts easily. Luckily, things went up and the majority of the crowd were happy (most of them were long only).
Our stance is revised to bullish, if we start falling then 23089 would be the first support.
BANKNIFTY Intraday Trade Setup For 3 May 2024 | Loksabha TradingBANKNIFTY Intraday Trade Setup For 3 May 2024
Bullish-Above 49150
Invalid-Below 49000
T- 50570 52170
BANKNIFTY has closed on a neutral note last week unlike NIFTY being on a slight bearish note. This means that there is a divergence of strength which will lead BANKNIFTY being stronger than NIFTY in the coming days. As per Exit Polls it looks that there can a huge short covering rally ahead of result day. In the coming days 52250 zone can be tested. High chance of a big gap up on Monday so follow 10 o'clock range breakout.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 49150 then we will long for the target of 52170.
High chance of a gap up so follow 10 o'clock range to build trade with calculated risk.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
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I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.