Hello friends after a long time , I am Again Back with a New Idea, So Today we are going to Talk about Tata Consumer Ltd . As you Know its a FMCG Company . So on 1 Day Chart it is making a "Channel Pattern" and also making a Bearish Engulfing Pattern which gives you a idea that it can go Down . If i Talk About Targets , So Targets will be :- 530 Rs . So Now Lets...
HDFCLIFE | Channel support + Bullish confirmation 15%
CMP : 671
SL : 650
Target : 760
1:4+ risk reward setup
We already holding for long time - If holding that chart (Reference attached) don't disturb that position this is just a short term / momentum opportunity. Treat this seperately.
HDFC has tested its major support zone and formed descending channel pattern. Most of the time this type of pattern gives a breakout to the upside. If stock sustains the 2430 price level, we can take buying side position.
Buy = above 2430
Sell = Below 2366
Support Zone = 2400 to 2366
Resistance = 2594
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After the formation of cup & handle , stock has given breakout & formed a nice support near 1600 level before giving today's big move as a breakout. Keeping SL of 1650 one should buy this stock on current level & add on dips (if any) and look for the measured target area of 1950 zone in coming sessions.
MINDTREE | Flag above the channel - But stretched above the area of value. However the flag consolidation looks convincing for 20-25% ahead of the results.
CMP : 1979
SL : 1920
Target : Open or Minimum 1:3 or Flag pole length size which is 25%