BSE has made hammer candle in weekly TF, 540-553 will be great place to initiate long trade which will provide low risk and high reward setup. Also on daily TF RSI is about to give breakout from its falling trend line(on day TF, connect trend line from high's of 8th Sept,27th oct, 4th Nov, 25th Nov).
1) Enter once price close above 587, targets 1) 642...
Analysis Parameters- Trend Line,20 SMA, 50 SMA & Bollinger Bands
M TF- Took Support on 20SMA
W TF- Bullish Candle on 20SMA
D TF- Closing just below 20SMA (20SMA at 2091; closing at 2086
H TF- Above 20SMA
For long trade,
wait for the breakout over on daily TF over 20 SMA
For Short Trade, below 2064
hindalco, good for long with very good risk reward of 1:17, you wont get this type of RR easily.
target - 494
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INVEST OR TRADE wisely.
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Disclaimer: I am not a SEBI registered advisor, so before entering on my view please ask your SEBI Registered Advisor. Profit is your and loss is yours.