Indraprastha Gas Ltd - IGL - Potential upside from 413 to 440Here, i think that there is a potential upside in IGL (Short position) - 12 Days.
The price currently is Rs.413 and i expect that by 24th January 2020, the price should touch Rs.440
The trendline has been strong for IGL.
If you open the daily chart of IGL, you'll notice that there has been a good support to upward movement.
Disclaimer- These are my personal views and not a trading advice. Do your research before trading or investing. I/we are not liable for any loss that may occur. Trading involves high risk and should be done cautiously. (Also, enjoy the process, with every Gain/ (Loss), you get some insights which should be analyzed in detail and taken a note of. Let's grow together as a community and spread knowledge.
Shortposition
Short TORNTPHARM19FEB1880CEShort TORNTPHARM19FEB1880CE @55.8 for a target of 40/30/20 by Feb Expiry. Stock looking week on weekly charts and may retest the lower levels. Price rejection is noticed at higher levels near 1924-1950. In case stock moves up then write near ITM/ATM CE around 1924/1939 levels and hold it till expiry.
Short INFY730FEBCEStock is likely to give a MACD bearish crossover on daily charts. Its forming rounding top kind of pattern on daily charts. Stochastics have fallen below 80 which gives early signs of trend reversal. IT major may retest the levels of 710/700/680 in near to short term. Short INFY 730 FEB CE for 22/25 rupees. Hold it till expiry for 20% ROI return. You may book profit once the premium decays below 50/60% or as per your choice.
Kotak Bank: Possible Top Formation (Medium Term)
There is a possibility of KotakBank forming a Head & shoulders pattern with "equal low" in formation and then "lower high" and "lower low" are expected which should complete H & S pattern.
It is possible because the weakness is evident in KotakBank as it looks like "big players / smart money" selling off - distribution, and retailers "Weak hands" buying. Rsi also confirms divergence.
If shorted after neck line break, Rs 829/- should act as a support, which also coincides with key Fibonacci ratio 0.618.
Possible downside is about ~16.79% to 829/- rs from the present price of 992/- rs