The current structure suggests that the stock is making a bearish triangle. One should look selling opportunities on any rise with Sl of 985 for the downside targets of 880/850. Th triangles are penultimate waves & the thrust out of the triangle is the last move of any trend. So we can expect reversal in the stock very soon.
Lupin
Wait for a breakout of breakdown in hourly candle and one can enter as per market.
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I am not sebi registered analyst
My studies are Educational purpose only
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Lupin Gave a nice target of more than 1% today .
After hitting the resistance the stock fell heavily and currently taking a support at an important level.
Looks like it is about to form a H&S.
if it retest the blue trend line and again gives a 15min closing below 1193-1196.65 area then next target is 1173.7
Since this is against the major trend take quick...
Lupin made a lot of indecision candles in the daily time frame and last Friday it made a Doji
there is slight rsi divergence in the 1hr chart.
it broke a small triangle retested and trying to make a low below 1193.which is also very good support.
short below 1193 till 1182 book partial profits in between
Lupin is in a narrow zone now the rectangle is Buyers Zone, the stock is most likely to give breakout on either side, act after stable breakout dont rush.
Trading in the triangle, triangle patterns always provide high probability and less RR ratio.
Trade on the break out of any side.
For SELL potential stop loss is 1016
For BUY 990.
High chance of breaking to downside, but we always need to be flexible.
As mentioned in the chart there is a double top in Lupin. I am expecting a pull back in next few sessions in Lupin
We can take some intraday trades around the levels mentioned in the chart.
