Note: This is for educational purpose only.
As per the price action, there seems to be a dynamic support at 21 EMA. Post pullback, there seems to be a bullish hammer formation at 21 EMA.
Expecting price to bounce back.
NSE:TATAELXSI Possible reversal buy opportunity based on 15M demand zone at 634.20 with SL at 631.5 and three potential targets are mentioned on the chart.
Please Consult Your Financial Advisor Before Taking Any Decision
Always risk 1% of account size per trade, adjust the position size accordingly
TATA ELXSI Trades using Blue Sky Plus Indicator. Message or Comment to get a free trial of the indicator.https://www.tradingview.com/script/lqS4a5pU-Blue-Sky-Plus-Day-Positional-No-Repaint-with-Alerts/
Another trade setup on similar lines of Nifty but with approximate risk/reward but I suggest you to check with your trade plan & I agree its heavily consolidating. So lets watch, how this one performs...