There is a High Probability that Torrent Pharma will brake its trendline and Trade above its breakout level.
Please find the demand and supply zones for the target and stop loss.
Importance of the lines.
Buy at current level around 2500
Target around 2760 supported by Fibonacci extension
Horizontal lines indicate buying price and targets
Risk management as per your risk appetite (I consider 5%)
1. Trending up as per SMA crossover
2. Monthly and weekly RSI above 60
3. Decent volumes
4. Volatility is high
Simple trade analysis
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On daily time frame, stock is showing really good long setup with a Symmetrical triangle which is indicative of continuation of bullish trend
Since , Nifty Pharma is taking on a ride and pharma stocks are hitting through the roof.This will be a good long bet in the bearish Market.
Initiate a long trade as soon as it breaks the last high of 2525 with a stop loss of...