STOCK IS CURRENTLY MOVING IN A WEEKLY UPWARD CHANNEL
PRICE HAS REACHED THE UPWARD TREND LINE
IN THE 1 HR CHART PRICE IS ABOUT TO BREAKOUT AND IS FORMING A BEARISH
MUTHOOT FINANCE BROKE OUT BULLISH FLAG TOWARDS HIGHER SIDE.
BUT, THERE WAS PROFIT BOOKING AT 700.
THIS FORMS AS DOUBLE TOP AT 700.
THE PRICE MAY COME DOWN TO 650, IN THE COMING DAYS.
TO SHORT, ONE MAY KEEP 700 AS THE STOP LOSS LEVEL.
NSE:MUTHOOTFIN Short at 606.30 with SL at 609.50 and TP at 596.60
Consult your registered adviser before taking any decision.
Always risk 1% of account size per trade, adjust the position size accordingly.
1) Only for risky traders, the risk-reward ratio is not favorable
2) Conservative trader wait for a breakout of descending triangle
3) only trade setup I can see delv % increasing daily & gold rate are very hight in future gold finance giving companys benefited +Ve Sentiment
4) SL - low of candle Entry - High/Close of candle Exit resistance line
MUTHOOTFIN SUPPORT LINE 592.50.THIS LINE BELOW FALL POSSIBLES PRICE 572....543 TOUCH.BUT THIS NOT CROSS POSSIBLES
PRICE 640...654. A BUY LEVEL POSSIBLE 600/595. AND DOUBLE BOTTOM 594-592 A BUY SIDE POSSIBLE.