NSE:LICHSGFIN , CMP 622, has made Head & Shoulder pattern and may lead to a big fall now.
However we may see some retracement, to 640-680, before the action.
Sell LIC below 614 with SL of 690 (short SL 636). Target 550 / 520
Instead of keeping the short SL it will be better to hedge the trade and buy 630 CE @ <14 (buy only when the actual trade...
It is been observed on the Hourly chart that the price action is trending down in a downward wedge or triangle formation, taking support and resistance at the marked trend lines. Now, it has touched the higher trend line or resistance and now it shall retrace and further go down to the support trend line.
Symmetric Triangle formation on LICHSGFIN and it may break on either side. I have mentioned some levels for trading.
Levels for Long:
Level 1 - 569
Level 2 - 581
Level 3 - 593
Level 4 - 608
Levels for Short:
Level 1 - 547
Level 2 - 531
Level 3 - 517
Level 4 - 505