- stock is currently trading in downtrend channel
- strong bounce back was seen from lower end of the channel
- the line of support at 885 identified in my previous post on June 24, 2021 also provided support
- currently trading at midpoint of channel
- till the time trading above the blue line, Medium term trend is still up...
The stock has seen a stupendous rally....
we observe two gaps in the region around 280...once while going up and the 2nd while coming down....
Going forward, 282-288 zone could be a crucial resistance level to watch out for...
Given the set up one may Consider
selling Feb expiry 310 Call option around 10
& buy 330 Call Option around...
Last time we had suggested a bounce back towards the upper end of the channel
- Current rally is an extension beyond the channel similar to what we saw at the lower end of the channel ( a kind of mirror image pattern)
At current levels it provides good Risk::Reward ratio to go short....
Trading Idea: Positional/Short term/Swing traders can enter too for short term gains
Reason Behind Call: RBL bank is at demand zone . Chart is looking good for good rally in coming days.
Chart Pattern: Price Action
Targets: 330/400 Plus
Stop Loss: 200 on Daily Closing Basis
Holding Period: 3 to 6 months
DISCLAIMER: Trading Ideas are shared for...
A rising wedge pattern seen in the NIFTY chart clearly says that Nifty is trading at highest levels of the upper band and upside is limited till 10300. Firstly, Nifty will touch the lower band of the Rising wedge pattern & later can break also. Breaking lower side of Rising wedge can drag Nifty towards 10500 levels.
In our previous post we had highlighted the importance of 8986-9027 level. That level is still being respected. Nifty has closed in the said range at 8993.
Let’s see what data has to say for the expiry week 16th April 2020.
FIIs sold 8.46K contracts worth 474.69 Cr.
FIIs booked profits and squared off 7489 Long Contracts and they added just 979 Short...
Levels are mentioned in the chart.
Alternatively one may consider the following F&O strategy
Consider selling NMDC 30 April expiry Put option
Strike Price: 80
Lot size: 6000
Recommended selling range: 4.5 - 5 (Closing price 5.2)
Time frame: 30th April 2020
Max profit potential Rs 27000 - Rs 30000 till 30th April 2020
The strategy has inbuilt loss...
The stock needs to protect 262 -252 zone on closing basis for target of 306 / 332
Alternatively if the stock is unable to hold above 262 it may be a signal of further weakness and potential target on the down side comes around 236 / 206 / 196
Important levels have been identified
Plan your trade accordingly...!!!
Closing Price 112.1
- the stock has seen a consolidation phase of 8-9 months from Sept 2018 till later half of May 2019 when it gave a breakout above the green zone
- looks good on any dips towards 104 or crossing above the yellow zone (closing above 122)
- target for the current set up 134 / 148 / 158-162
- SL if weekly closing is below 97
The left side to the right, each excess have tails before the turn. You can see with both eyes at excess(f) has started to create TAIL which is -ve for long and indicate for reversal the trend.
With TimeCycle analysis, 1st-phase has 43bars and 2nd-phase and 3rd phase till continue.
Turn on your eye on volume, it's reducing.
Prev. Resistance is at ...
In the current run up we observe the stock having more up days with strong buying and volumes are less when stock is in the red.
- a classic scenario to enter long position especially on dips for medium term
- levels are mentioned in the chart
Take care & safe trading...!!!