GRASIM HAS BEEN TRADING IN A PARALLEL CHANNEL FOR SO LONG AND NOW ITS AT THE MID ZONE OF THIS CHANNEL WHICH IN THE PAST HAS ACTED AS A SUPPORT AND RESISTANCE BOTH.SO IF GRASIM BREAKS TODAY'S HIGH ON MONDAY IT IS A LONG AND CAN MOVE NEAR THE UPPER END OF THE CHANNEL BUT IN CASE OF BREAKING THE LOW IT MIGHT RETRACE BACK TO THE DOWN END OF THE CHANNEL.
Grasim broke out of its triangle pattern today and opened gap up.
As of now,the stock is retracing back to its upper trendline and it can provide a good opportunity for a swing trade with 3%/5% targets depending on the RR.
Trade will be initiated when pullback occurs.NSE:GRASIM
Grasim Perfectly in the golden reverse point...
Gap down : Buy when the price come inside the channel...
Gap Up : Its sustain above black color means...keep your buy posision...
Normal open : Wait for price come around 498-500 range,,,, 500 strong support in oi....
Do your own anlaysis before taking position...
My View : Bullish
Long position made in grasim. Trading statergy use is 1-2-3.
Sl and Traget mentioned.
Disclaimer: Please take your trading decisions after your own research. Don't trade after seeing me. This trade is just my view.
Grasim - from past few days, trading in range.
Currently on lower band of the range and also breaking trendline support.
If continue to trade below 517 levels, we can expect further downside - upto 500 below.
Incase if stock respects trend line support and bounce back - can look for long above 529 levels and can reach upto 550 levels.