may see profit booking > hit new 1 Year High today
> daily last 3 candles with HH-HL
> daily last 3 volumes seeing decending candles
> daily closing RSI above 80,
though lower subsequent time frames
shows descending RSI values
all above tells me
that there can be profit booking possibility
lets see where it goes tomorrow
disclaimer - just an observation
Hhhl
Buy L&T @ 1448, T - 1525, 1565 SL- 1410Buy L&T @ 1448, T - 1525, 1565 SL- 1410
Breakout from HH-HL pattern.
TITANThe stock is trading in higher high and higher low formation.
Immediate support lies around 1220.
I expect some sort of consolidation and correction in the current zone i.e. 1220 to 1300.
It can be accumulated in dips till 1220 for higher target.
CMP: 1286
Target: 1335, 1380, 1500
SL: 1190-1200 on daily closing basis.
Bank Nifty to Go Higher FurtherLook at the chart, NIFTY is already touched all time high and bank nifty to follow. November 4th it broke the accumulation range and started forming HH and HL. Momentum is too good. I thoughi it might correct today, but it is a gap-up open today and most of the day it remained within the opening range (or forming a typical day_) and closed little higher than the Initial Balance Range. H and C are same. no doubt of looking back. Session Volume value zone consistently moved higher . So far 5 Higher Value zones. as the momentum is high we can suspect s small interim correction before moving further. Price is clearly far away from the Ichimoku Cloud. that is another confirmation of mark-ups.
We can expect 3 things to happen next
1. Market can go in range
2. Gap up gain and move ahead with conviction
3. Correct and move ahead.
For options, you can write puts. you can buy call,
or you can go for bull call spread
BUY CE @ 27700 and SELL CE @28000
Prob. of Profit - 83.58%
Max. Profit - ₹ +4,674 (33.95%)
Max. Loss - ₹ -2,825 (-20.52%)
Max. RR Ratio : 1:1.65
Breakevens : 27575.0
Total PNL : ₹ 0
Net Credit : ₹ 0
Estimated Margin/Premium : ₹ +13,767
recent news on Vaccine optimum will push the market higher too...
