Trading Idea for Nuvama!📊 Technical Setup:
The stock is in an uptrend, respecting the rising trendline (📈 marked with arrows).
EMA indicators (20, 50, and 200) are well-aligned ✅, confirming a bullish bias.
The price has recently bounced from the trendline support, showing strong buying interest 🛡️.
💡 Entry Point:
Buy Zone: Around ₹6,800–₹6,850 (current levels) 📍, aligning with the trendline and EMA support.
⛔ Stop-Loss:
Place a stop-loss below the recent swing low at ₹6,730 ❌. This level invalidates the setup if breached.
🎯 Targets:
Target 1: ₹7,100 (near the previous resistance zone) 🥇.
Target 2: ₹7,400 (higher resistance zone, aligning with the rectangle breakout zone) 🥈.
⚖️ Risk-to-Reward Ratio:
For an entry near ₹6,850 with a stop-loss at ₹6,730:
Target 1 (₹7,100): Reward = ₹250 → Risk-to-Reward = 1:2.08 ✅
Target 2 (₹7,400): Reward = ₹550 → Risk-to-Reward = 1:4.58 ✅✅
📌 Logic:
The uptrend is supported by multiple trendline bounces 🔄, indicating strong demand.
Price has held above the 50 EMA 📐, a sign of sustained bullish momentum.
Volume spike near the trendline suggests institutional buying 💰.
⚠️ Caution:
Avoid buying if the price closes below ₹6,730 🚨.
Keep an eye on overall market sentiment 🌐, as external factors can influence stock movement.
