INDHOTEL | I'm in love with this chart 🥰
Gap Filled and Gap border worked as a great support,
Trendline Support + 20 EMA support
Falling Wedge Breakout
Morning Star - Candle stick at Support level (Daily TF)
CMP : 80.50
Target : 92, 95
SL : 74
Track old analysis : docs.google.com
Current level : 11190
Target : 11500, 11530
SL : 11050
Risk Reward = 1:2.5+
Nice consolidation after 11070 level in a very tight range, Almost near to Trendline, limited down side risk, as we have multiple supports.
Good gap is there that might need to be filled
Moratorium announcement, Reliance result may give us some more dip hopefully.
If worked we will...
Strategy 1: Short below 1980 (sustained below on the 15 min chart) for T1: 1955, T2: 1900 with SL at 2020
Strategy 2: Short below 1955 (sustained on the 5min chart) for 1900 with SL at 1980
(For choice of trade entry levels - check the hourly chart)
Long term Investing Idea - The stock is at a attractive price point around the 1900s. Expected to rebound up...
Short below 245 for 240, 238.5, 235 with SL at 250
Aggressive traders may want to initiate short at 248.5 !
Below 238 would be an ideal point for buying OTM August expiry call option.
All levels drawn on chart.
111 is the major support and 122.5 is the resistance - can zoom out and see the Fib retracement levels.
Go Long at 117 for 118.5, 120.5, 122.5 with SL at 114.5
(For the Morning Star hypothesis to be true, it should gap up and open in 116-117 if not higher)
Short below 114.5 for 113, 111 with SL at 115.5 for the...
"GAPS ALWAYS GET FILLED" - If not tomorrow, may be sooner or later - WAIT FOR THE PRICE ACTION!
Hope all you witnessed the glenmark story.
If for any reason (profit booking or short retracement) stock breaks 900 level again, it can see a sharp fall towards downside to fill the gap.
RSI confirms the overbought zone. Do not be in hurry! wait for some good price...