Thought Process - Price has rejected multiple time from its resistance level of 1900 (at which there is a massive open interest of Call Writers), one it holds 1900 levels there can be a good breakout leading the price to its next round level of 2k.
Trade Plan - 50% positions can be initiated now with SL of 50EMA on a closing basis & next 50% when it holds 1900 levels.
LTI is nearing its support. As seen in the chart, the confluence of 3 supports can be observed. 1) 200 EMA, 2) Trend Line, 3) The horizontal support.
These support zones can attract buyers. One can expect to see minimum levels of 4200+ by the end of May. View negated below 3800. Personally buying 4000 CE at 132 with SL of 100 and open target.
LT is forming a falling wedge pattern which is a Trend continuation pattern. As LT is sustaining below 200 EMA it indicates that stock is in downtrend and falling wedge formation gives strong setup for shorting stock in intraday basis. Look for the open of market if the range or wedge is broken down go for short trade.
This is just my view. Trade at your own...
After down trend in parallel channel, Now break the channel and in a consolidation mode.
Levels to watch marked in chart. Ready to fly!
For educational purpose, Post your views, it will be great to encourage me.
In 2 hour timeframe stock has formed a flag pattern, Currently closed to proper valuation as shown by the valuation band in 1st chart. Also taking support from Demand zone .
In the30mins timeframe it has formed some price pattern and also Supported by 20 daily ema .
The Indicator Used:
1) Valuation band
KEYS: Red Faded Cloud: Over Valuation.