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PHARMA

Mindtree - Weak Since The BIG Breakout (Contd Down Trend)After a strong weekly breakout from the strong support levels of 600-610, it confirmed the continuation of a downtrend. It has retraced back to the previous support and now the support levels are acting as new resistance levels. I believe now the price action shall go down to the next support levels at around 475 levels. It is an ideal time to short with stop loss of previous high on weekly chart (680) Target (475) Risk Reward (1:2) (This is on request, by Rajat (la4440), hope it may be of any help to you).
MShort
by NeeteshJain
4
BIOCON - Formation of Ascending TriangleIt is been observed that the price action is consolidating and forming a Ascending Triangle pattern on hourly chart. It indicates a strong resistance level at 968 levels and prices action is retracing from this level. Therefore, it will be interesting to see how the price action works out tomorrow and if it breaks above it then it shall provide a higher big move. In case it retraces back which I see might happen tomorrow then I shall further go down to 950 levels. Short Side, I believe it can go down to 948 levels by tomorrow.
NSE:BIOCON
by NeeteshJain
3
IPCALAB Bearish Gartley Pattern SetupPreviously on daily chart, it is been observed that the price action is ranging in a uptrending channel. Today, on hourly chart, there is formation of Bearish Gartley pattern has been observed which indicates selling pressure at 630 levels, where Bearish Pin-bar pattern is also observed. There is also a MACD crossover that to be noticed too. The above said factors indicating bearishness in the chart and It shall further move down. Target 1: 603 Stoploss: 625
NSE:IPCALABShort
by NeeteshJain
6
IPCA LABS - Short Channel Setup It is been observed that the price action is trending in a channel for a while and now it is currently ranging near the upper trendline of the channel or resistance levels where a pull back to other trendline or support can possibily be seen before a breakout on either side of the channel. Other Indicators signalling Bearishness: 1. Macd Crossover 2. RSI Divergence One can take a short positions with good risk reward as mentioned below; Target: 570 Stoploss: 611 Risk Reward: 1:5
NSE:IPCALABShort
by NeeteshJain
4
CIPLA - Breaking out of FLAG PATTERN (T1 570, T2 600)After long continuation downtrend, yesterday the price action breaks through the downward trend line with hugh volume and also at the same time breaks out from a short Flag pattern. It signals a strong trend change and a bullishness in price action. The price action shall move towards the previous support at 570 levels and another strong support at psychological levels of 600. Good time to enter in long swing trades with stop loss of 520
NSE:CIPLALong
by NeeteshJain