There are two setups. One for traders and another for investors.
Fundamental: Because of Tata Tiago sales the plant utilization has gone up; so we see a margin increment. Technical Harmonics. M&M Fin had similar setup last time. Conservative Investors can short 420 PE July options instead of longing it.
Bet: Breakout of Ascending Triangle Safe Setup: One can put the 'closing basis stop loss' 3 points from the low of last swing low candle. Normal Setup: Already mentioned Option Setup: One can sell Axis Bank 480 PE Hedge Setup: One can buy 1 lot of Axis Futures and buy 1 lot of Axis Bank 480 PE
I bought july futures at 952.2. Current Pirce is 956. My trailing stop loss is at 953
Strong Resistance at 1090. I will short 1090 PE and buy the futures.
The right shoulder is not completed. Let's short 290PE.
It was long following the bullish crab and now faced resistance above. Betting on Fibonacci.
Failure of Fibonacchi Retracement