Trade ideas
Dr Reddy's weekly similar short & long trade set-upEducational purpose only :
Dr Reddy's stock give better trade opportunities similar short trade & long trade setup .
Similar short trade :
Enter short trade set-up . after market reach 4100 level
Target minimum for short target 1 = 3930-3920.
Extreme target = 3860-3840.
When short trade completed 3840- 3850 level is a very crucial level for bounce back . You can confirm that reversal take Trade for longer....
Dr Reddy's piercing line pattern on weekly charts. Dr Reddy's piercing line pattern on weekly charts.
Also there is bullish engulfing on daily charts, any upmove on Monday will confirm further move.
First resistance zone seems to be near 4200 and 4284, if sustains above that then 4400 in unavoidable.
dr reddy expecting 1000+ fallAs we can see the stock is moving according to harmonic pattern and falling from point c as expected. Now i am expecting 1113 rupees fall in this stock so the best price ever possible to buy for investment is at 3754 , so keep an eye on this price and have patience. Candle close above point c will make the pattern invalid
Note: stock may bounce from 4467 also so watch price action at this level also.
good luck
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Simple Trade Setup | DRREDDY | 31-01-2022 [INTRADAY]NSE:DRREDDY
Observations:
1) On 1 day time frame,we can see that it has been having continious down fall and now it is near to immediate last major support of 4200 level.
Range of 4200-4275 is working as support in previous days. It has now chance to bounce from it. But if it failed and gave breakdown of 4200 level range then we can see some more down fall of 50points for sure and then breakdown of 4145 can lead it more down to test 4000 level.
Please refer below chart : 1day Time Frame.
2) Please refer below chart : 15min Time Frame.
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Trade Setup for 31-01-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.