Dr Reddy bounces back after kissing Buy zoneDr Reddy
In our previous update we had highlighted the Buy zone for Dr Reddy. And boy oh boy it did just that. It touched the buy zone and is up almost 3% from those levels.
This is what charts can help us with. Plan the trade. Identify levels before hand and when those levels come make the most of it.
Take care and happy trading...!!!
NIFTY-BUY
Classical Chart patterns in play ArvindThe chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could easily reach up to 320 level giving a good risk reward ratio.
Alternatively it may retest the 344 level and bounce from there to reach the target for the cup with handle pattern.
Let's see and watch!