2 Cases:
1. Surviving Support Line 1 and breaking resistance Line : Expect Nifty to rally towards 11000.
2. Breaking down the SL 1 : Expect nifty to break down till 9000
If you go n check on larger time frame TaMo is on very good support & with Bullish Bat patter completion around the support zone. So, its ideal for us to expect a move towards 450's zone.
But if you notice keenly, risk-reward will be skewed on this particular setup as we had gapup open today in Tata motors, so if you wanna tackle that comfortably Go down on 1 hr ...
It's a Good Long weekend, Days like these are the most welcome ones & I also have sometime to pick n choose Mid-cap stocks which are far away from the line we play by. Cutting straight to the subject IFB Industries looks quite promising based on post above, A Good 2-Year Old resistance zone is broken very convincingly with great volume surge compared to previous ...
None can assure whether pullback will happen or not but if it goes as per plan then we are good to trade. But take care of below points :
i) Short-term setup lasts day or two
ii) Risk:reward tool is approx, if you feel stops are wider, reduce it
iii) Aggressive entry still valid, but conservative only on pullback
This can be done as positional trade for larger targets in Mindtree or Intraday trade also. But if Intra trade is taken, your stops need to reduce drastically instead of what shown above. Good Trade !
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...
