Trade ideas
DRREDDYS Possible breakoutNotes
Been in a channel since August last year.
The top level has been tested 4 times before the latest candle (11th June)
Currently in the resistance zone since it closed above 5420 with decent volumes and candle strength.
Hoping it will continue this momentum and close above 5505 to make fresh highs.
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
big move expected in buying side in drreddyHello guys i had find this setup of drreddy in 4h timeframe.the reason behind this analysis is its is in uptrend and the pharma sector is also in uptrend and the scenario for pharma sector in this pandemic situation is look bullish also it is in breakout mode the big resistant is on 5500 we will not take immediate trade we will wait for breakout and some confirmation before taking any position i will watching closely this script i will update on it and also plzz do your own analysis before taking any trade if you like my analysis do follow like and share thank y
reistance breakout with strong candle broken resistance of multiple confluence horizontal + trendline
buy above 5510
For stoploss in Intraday use 5 minute chart and see nearest support.
for target use 5 min chart and fibonacci pivots as i don't keep predefined target.
try to book partially and trail.
Note: this is not a prediction for LONG/SHORT, trade will trigger only on given level as per technical analysis
NOTE: For Gapup or bo before 9:20
If gapup is more than 1% from bo level than avoid completely.
if less than 1% or gives bo before 9:20 than wait for
first 5 minute candle and entry above 5 minute candle
and revised SL below candle Low.
Dr Reddy is Ready for Run!5400 Range has acted resistance twice in last 1 year. But now it is showing signs to break out of it and into uncharted territory.
Target can be anything from here 6000+, just need to keep trailing. Will keep on updating
Long Term Stop Loss : 5150
Short Term Stop Loss : 5300
DRREDDY can give 23% returns 1:6 Risk to Reward ratioI will go LONG on DRREDDY because:
The price is under Support/Resistance zone.
It has touched the support and may reach the resistance zone .
Target would be the Resistance area .
Book profit when it reaches the resistance zone .
Entry - 4426
Target - 5450
Stop loss - 4263