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NIFTY view for upcoming daysNifty started a new bullish trend during the first day of february which stopped at near 15450 levels and since then nifty has been following a falling channel pattern and has corrected almost 8%. Formation of an inverted hammer that too near the breakout point shows significant selling pressure i believe, if we break the low of this hammer which is 14420 levels, then we will be going to test the 14100 levels again the whole point here will be how market absorbs the covid situation and how investors react to all of the chaos around us. i think the perfect long opportunity for anyone should be when we cross the highs of this inverted hammer that is 15050 levels if we somehow cross the upper mark, we may get to see a retest of the all time high once again. but, covid showed what a news can do to the market. So dont force your idea or speculate blindly right now. let us all focus on what price is showing to all of us and also take sentiments into consideration.
NSE:NIFTY
by samparkamaity65
Tata Power – Conditional Trade (Long 124/Short 86)Tata Power is currently trading under its 50 DMA after a sell off in Indian Markets this week. The fact that they have dropped their solar power deal with Petronas did not help the situation. Scenario #1: Short IF: Price breaks the overall bottom trendline (bold blue) with above average volumes. Target price can be set at ~86.40, with a stop loss at 94. Scenario #2: Long IF: 1)Price breaks above 96.35 with above average volumes 2)AND continues to break the 50 DMA 3)AND finally continues to break out of the parallel channel 4)One can add more after price breaks through 103, 108 & 115. Target Price can be set at ~124, with an initial Stop loss at 94 (can be adjust to trailing as necessary) Note – We should see the initial break outs within the next 20 days - Based on overall trend, we can assume Scenario #2 will prevail.
NSE:TATAPOWER
by Technical_TB