The first day of August futures showed nice buying done in the pharma sector. Lupin once if cracks and sustains above 780 cash levels can show 790 and 800 plus targets in the coming week. A buy on dips is recommended in this counter with a Stop of 765/762.
The red line is the Stop.
Green is the CMP.
Purple lines are the two targets!!!
lupin Sell Neal 770
Reasons For Trade- 1.Excess Selling near to 4 Hour resistance
2.Price formed bearish candlestick patter near resistance
3. Daily Trend is down
4. Risk Reward 1:1
Lupin Buy near 745-740 Target 765-775 Stoploss 725
Reasons For Trade- 1. Price has closed abover important support level of 740 on daily chart 2.Excess buying is done 725-730 levels.
3. Price has formed lower high on daily chart.
4.Price has filled gap near 725-730 levels.
5.Bullish candlstick pattern is formed on daily as well as weekly chart
6. Risk Reward is 1:1
The blue area indicates the weekly demand and supply zone whereas the green area indicates the daily demand and supply zone. As we can see the prices went up with less volume but when it came down, the volume increased. So there is a shot bias.
1) Lupin on Monthly TF given Outside Close and this happens at Support so it is valid
2) Weekly TF strong close above KS suggests structure change to Bullish
3) Daily TF is already Bullish, Look take buy Positions at 2 Demand Zones 810.5_804.75 , 792.6_788
Can go Blind long OR Look for CP at the Zones for increased confluence. Strict SL would be below CP,...