HDFCLIFE | Small momentum for 8-10%
CMP : 678 (Can buy upto 665)
SL : 655
Target : 735 / Open
We are chasing up this stock from 540 zone and related charts already posted, this just one more opportunity to enter into the momentum
Almost 1:5 risk reward setup.
Buy At 2588-2600 range for an excellent entry.
SL - Exit if stock close below 2580, since it will definetely test the low's of the rejection candle.
Reason for the trade: Rejection day
Rejection Days have a range that is significantly larger than the 10-day average and The ideal swing entry is the Rejection Day midpoint,which can be defended for 1-4 days...
THIS IS MY POINT OF VIEW THAT THIS STOCK WILL DO BETTER PERFORMANCE IN UPCOMING DAYS (NOT TO FORGET THE STOCK HAS GIVEN A 16 YEAR BREAKOUTWITH HIGH VOLUME 5.6TIMES )
I CAN BE WRONG ALSO SO DO YOUR HOMEWORK
(THIS IS FOR EDUCATIONAL PURPOSE AND A RECOMMENDATION)
After a 122% Move in Last 10 weeks and a 259% move from its 52 Week low. Ester went in to a 4 Week Consolidation which is generally a good sign, Post Breaking out of this Base on 16th September it reversed and came down for 2 Weeks and then came the breakout again on 5th October which was stronger than the first one as the weaker hands were out after the first...
Just like Nifty I also see strong signs of trend continuation in BNF, although its not good idea to be this super long in both index as they both have positive correlation and your risk management can be out of order if view goes wrong, what can I say? Its just looking like bull territory above 30400, and I feel that hurdle will be crossed in Monday opening.