NAUKRI(INFO EDGE) formed an Inverted Head and Shoulder pattern on the hourly chart. Previous support has now become resistance and acting as a neckline combined with 50 EMA crossing 200 EMA from below.
Long above 4720 TGT 5450 SL 4015. Bullish engulfing pattern at support level. RSI above 60. Good risk to reward trade. Thsi is for your educational purpose only
Note: This is for educational purpose only. There seems to be a bull flag pattern breakout with volume. Moreover, RSI above 65 indicates bullish momentum.
ALL THE LEVELS ARE MARKED ON CHART, RED ZONES DENOTES SUPPLY ZONES AND GREEN IS FOR DEMAND ZONE . The indicator used: 1) Daily Lines plots Daily 20 & 50 EMA on lower time frame charts 2) TE-REKAB - PB : PULLBACK If you like the analysis, do leave a like and follow for more such content coming up. The analysis is my POV, hope you got bucks in your pocket to...
3200 was a good support/consolidation area for this movement, one who bought this script at support level then already 400 points profit and if we are not interested in this breakout one can book this profit else can wait some more time for breakout with confidence because already it gave 400 points profit.