after the earning trade in chola mandalam, earning was not as per estimate. infact it has upset the street. however it seems mkt already discounted that bad result, and stock might go up from here.
current resistance at 161 breaking this stock may reach 207. downside seems to be limited however support at 120 is strong.
ITC in a breakout positon
Earning is on 25th may
1. 7%+ rally before earning season
2. divergence on money flow
3. resistance on 190-193 level (Technical analysis)
4. Resisitance as per option chain data is at 200.
Option chain data
Resistance strike 200 call - 33.5 lakh OI
Support at strike 180 put - 14.8 lakh oI
Bear looks more powerfull here.
Cipla seems to be exhausted. recently it tried to chop breaout trader on short side and retested 580 level. It will be interesting to see how stock moves in coming days as we are trading near gap.
one can keep stop loss near 20 hull moving avg.
most of the oscilators are signaling bearish trend.
Short CIPLA CMP 567 / TGT 510 / SL 575
Cipla in a breakout position, just before its earning day, we are currently trading near support of gap up we had in start of April. If it breaks 564 Cipla can touch 520 on downside or if it stays above 564 tgt 583.
One can trail stop loss using 20 day hull moving avg.
Nifty has a strong support at 9000 and POC at 9300 level in daily time frame.
Nifty likely to break 9500 in coming weeks if it sustain above 9300.
Below 9300 Nifty can test 9000 level if it breaks 9000 (lets not hope that.) will have run towords 8000 level.
Trade setup long if nifty nears 9300. Short if nifty breaks 9300 level
Gold trading around 45000 is a good risk reward trade one can look after.
once we broke the traingle TGT is around 51000 one could trail the stoploss once target is achived.
*Disclaimer:Idea is only for educational purpose.
1. April Derivative data suggest current 9000 level touch is at low volume, there is price - volume divergence.
2. Nifty unable to sustain at 9000 level
3> SL 9100
Use option bear spread to benfit from this move. Trade using future is not advisable as moves in this zone will be jettery.
Nifty weekly expiry 1st April 2020 key points
1. Max pain at 8500.
2. Resistance is at 9000.
3, Support is at 8300.
4. Previous day High 8685
5. Previous day low 8360
6. Previous close is 8650
Expecting market to end with red candle.