Nifty50 immediate supportNifty 50 has been opening with a down gap from two consecutive sessions and today it opened in between Immediate support zone of 21456 - 21349.
Shorts might get covered here.. and we see some bounce from here.
Nift50
Technical Analysis: Tata Elxsi Breakout📈 INTRODUCTION 🚀
In this technical analysis, we'll explore the breakout in Tata Elxsi's price. Please note that this analysis is for educational purposes only, and I am not a SEBI registered analyst. Let's dive into the details!
📊 KEY DETAILS 🚀
🔹 Tata Elxsi's price has been facing resistance since October 2022.
🔹 The resistance supply zone was around 7445 to 7157.
🔹 On the other hand, the price found support at the monthly demand zone.
🔹 The breakout occurred with good volume, indicating strong momentum.
🔹 Before the breakout, the price halted near the resistance, which is a positive sign.
📈 TRADE SETUP 🚀
Based on the analysis, here's a potential trade setup:
🔹 Entry: Current Market Price (CMP) of 7508
🔹 Stop Loss: Below Friday's low, around 7198 with buffer
🔹 Target: Around 8307, just below the daily and weekly supply zone
🔹 Risk-to-Reward: 1:2.5, which is a favourable ratio
📚 EDUCATIONAL INSIGHTS 🚀
Before we conclude, let's define some technical terms for new traders:
🔹 Resistance : A price level where selling pressure exceeds buying pressure, causing the price to pause or reverse.
🔹 Support : A price level where buying pressure exceeds selling pressure, causing the price to pause or reverse.
🔹 Breakout : When the price moves above a significant resistance level or below a significant support level, often accompanied by increased volume.
🔹 Supply Zone : An area where sellers are likely to be present in large numbers, causing the price to struggle to rise further.
🔹 Demand Zone : An area where buyers are likely to be present in large numbers, causing the price to find support and potentially reverse.
Remember, it's essential to continue learning and understanding these concepts to become a skilled trader.
🙌 CONCLUSION 🚀
In conclusion, Tata Elxsi has experienced a breakout from its long-standing resistance. Based on the analysis, a potential trade setup has been identified. As always, do your own research and exercise caution while trading.
If you found this analysis helpful, please like and follow me on TradingView for more articles and trade setups. Your support, likes, follows, and comments keep me motivated to write consistently. Thank you!
Nifty for 19k runWe took a trade for buy at 17900 (futures) for Nifty long. It has reached the first target range. From here, on the breakout of this range of 18145-18100, we have another positional target of 18420 to 18475 as a second set of targets.
HDFC ltd parallel channel long ideaHDFC ltd parallel channel long idea. It can long for target 2828 time period 3-6 month.
Nifty beginning to Dominate !!Are bulls Back ?? Perfect Breakout of Cup and Handle
regards
Gautam khanna
SONACOM on 1 Hrs TIME FRAME THIS STOCK IS IN NEWS AND MOVING IN A VERY GOOD BULLISH PRICE ACTION. PERFECTLY RESPECTING THE TREND LINE SUPPORT AND RESISTANCE.
Currently it has touched it's resistance and now could take support from it's supporting trend line.
Disclaimer
The information provided is for educational & instructive purposes only. Our intention is not to provide any financial advice, investment advice, training advice or any other advice. This is general information about the stock market.
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