Indigo : Positional TradesThe stock closed breaking a very critical support level of 990 and closed at 983. It has been on a clear bearish trend over last few days making a bearish marubuzo candle today. However, it has rebounded off this level in the past as well.
Postional Ideas for tomorrow:
Below: 978 - Short for targets of 970, 960 and 950 with SL at 988; can trail SL after T1
Above 1000 - Go Long for 1025 with Sl at 990.
In case of a large gap-down opening below 983 (which is quite probable for tomorrow in my opinion); the short trade targets mentioned above will become supports for going long with Targets of 990 and beyond (trail SL specially if NIFTY is bullish).
Risk takers may want to go long on 990 CE or 1000 CE.
In case of gap-up; short after confirmation of trend using 15 min ORB; targets 990, 985, 978, so on (trailing SL).
