Short Term Trade
It's always good to notice the emotional gap moves in trade and they are usually filled in a short period of time.
And times it doesn't, so momentum is important.
If Reliance doesn't scale above today's high 4/23 - 1367 and takes out day's low at 1353 then it will be a good trade to fill the gap till 1252
So a position can be taken based on...
Monthly Bar - Current Month showing sign of an inside bar as on April 9th.
Weekly Bar - We had an inside Bar last week and this week there is an upward breakout from the inside bare.
Daily Bar- HH (Higher High) trend, we had a pullback at 17143 and now if we break 21462
I have drawn a rectangle box, which can act as a consolidation zone.
Monthly Chart indicates Topping Tail
Last time there was crossover of 5EMA> 26 EMA it was around 165.
TataGlobal had a very sharp price rise over 6-7 Months.
Now it is at cusp of similar crossover of the EMAs.
Support at 300 level (Psychological)
Once Broken expecting to test 273/255
Stop Loss 330
Will Observe for continuation positional trade till the EMAs...
NIfty Realty Index on Monthly chart indicates potential topping tail candle
DLF Weighs 35.45% of Nifty Realty Index
In 4 hour chart there is a H&S reversal pattern in the making + Upward trend line breakout test
SL - 274 (Conservative SL 269)
TGT - 217-220 zone
Nice support at 23 ema in weekly chart
Double bottom confirmation in daily chart
First resistance at 61.8 resistance (Target 554), if further breakout happens we can see all the way up to 570 from this level.
Stop Loss 500