Nifty may take support from current level,
because it is trading at confluence of:
1. support zone
2. Trendline support
3. oversold stochastic oscillator
we need evidence of demand to enter in long trade,
a bullish candle.
Note : only for learning, not a trading tip.
The chart of the stock Muthoot Finance (NSE: MUTHOOTFIN) is bouncing off its long-term, seven year old trendline from where it has taken support multiple times in the past.
The stock is also bouncing off 200WMA which has also been its long-term support since listing.
The chart looks bullish with ultimate target of previous all-time high zone of 1800.
TATA power has given a chance again for missed traders by pulling back to the resistance zone on very Low Volume showing the stock was not under
heavy selfish pressure. It has also made a pullback to its trednline giving a superb entry price with a quick profit at
Tight Stop loss at 234.40
Keep It Simple
MANAPPURAM has successfully taken support at its long-term trendline for the last 6 years. The stock has touched this trendline and bounced off of it every two years since December 2016 (as shown in the chart). Another bounce happened in May 2022 and the price is still in a buy range.
This looks like a good place for accumulation. Price targets can be 126, 145,...
This idea is a follow-up to BLS
You can check the Link to Related Ideas ( Detailed analysis done in 25th Aug Video )
Disclaimer: The information provided is for educational purposes only. Our intention is not to give any financial advice, don't take any decision without consulting your financial advisor.
Beautiful number of confluences have been shown by NAUKRI
1. Support of the 50EMA
2. Support of the trendline
3. Break of 200EMA
4. Very favourable and quick risk to reward ratio
All this was done on above average volume making a high probability for a long trade.
Target should be at the next level of confluence 4881.
Keep It Simple
DRREDDY is nearing to Trendline support in Daily timeframe, if any Buying momentum seen we can expect BULLISH trend to go Long.
Incase any weakness breaks the trend line we can look for Short entry when it retraces the Trend line.