The small value area and narrow channel are plotted on the chart.
For the long trader, the value area found the support at 31186 nearby.
NOTE: Trade always requires verification of move by the few of the points due to live market hours. I will best try to update at live mkt hrs.
We observe a trade pattern here where the stock traded in a channel earlier (highlighted by red colour). And now we see the stock consolidating again in a replica of previous channel.
The idea is to look for buying opportunities near channel bottom, thereby reducing our risk and increasing our reward potential.
If we look at the chart on a longer...
In the short term the stock has the potential to move towards 95 /102 levels.
In medium term there is a risk of stock seeing levels of even 60-65
However In the longer term, if level of 58 is protected, the stock can once again fly higher towards 160 / 220 levels
Plan your trade accordingly...
Take care & safe trading...!!!
Closing Price 26098
Levels mentioned in the chart
Resistance 26288-26450 zone
Below 25800, doors will open for Bank Nifty to fall up to
25280 levels ...
Take care & Plan your trade accordingly...!!!
Closing Price 25124.85
We have RBi Policy tomorrow...
As per Andrew's Pitchfork
Strong resistance at 25480
Crucial zone 25180 - 25080
Support at 24820 levels
We have identified important levels and we keep ourselves ready.
Will update this thread further during market hours...
Take care & safe trading...!!!
I ll share in this post some trading ideas along with charts.
These ideas will be personal and purely technical in nature.
Plz. do not take this post as trading tips/calls..sharing just for educational purpose.
However, If you really want to play these ideas, your primary goal should be risk management. Profit objectives will come later.
On 5th Sept we discussed 2 possible scenarios for Tata Motors that we are looking at...
1st was Tata Motors holding 374 on the downside and jumping towards 405-416 levels
The stock made a low of 374.05 precisely and has managed to crawl back above 405 levels...
Now if we see...
Tata Steel CMP 649.8
On hourly charts we observe a neat channel trade
Currently Channel Support comes around 642
Target comes around 672-674
There is also 20 min EMA support at 646
Ideally the stock should hold channel support, however, in case we see break of channel below 642 then stock can fall up to 618 / 600 levels
Plan your trade...
It is been observed that the price action formed a bullish hammer candlestick pattern at the trending up channel indicating a further move up. It took a strong support at 1000 levels.
It is been observed on the daily chart that the price action is trending up in a channel. Currently the price action corrected from month's high of 86 to 81 levels. Now, it shall further move up from the support levels of the channel.
It is been observed that the price action in both stocks trending up in the channel. They both getting high demand on the support levels or the supporting line of the channel, indicating buyers pushing up price action in a channel setup.
I shall be updating the trade calls on Monday.
It is been observed on the daily chart that the price action is trending up in an uptrend channel. Now, the price action has touched and reached to the support level or line of the channel, forming a channel trade setup. It is usually a risk trade setup but most rewarding.
Target 1: 84
Target 2: 85