Existing upTrend since 377 low appears to have shown signs of reversal, since the RSI broke 38-32 zone along with the prices breaking the averages. The stock has come back to the averages, which is a good point to initiate short, with a tight stop of 465 on 15 min time frame.
The up-trend since 26th Dec (7895) has been pretty strong, which each pause in the up-move finding support at 38.2%FR. So although we have a pretty bearish Daily Candle for 13th Jan, we still need Nifty to go below 38.2% FR (8372) which are 13th Jan Day's lows as well for a high conviction short trade. So below 8370, we should see 8250 on Nifty.
When 15min RSI hits its Bounce Area, prices either take support at 50%FR or 61.8%FR, currently its taking support at 50% FR. With that recent low of 507 being a stop on 15 min basis, its a long trade for an initial target of 516 (61.8%FR of fall from 522). Eventual target is 534.
A break of the low of 507, would result in a test of the lower end of the Gap Area...
The target of 61.8% (1238) met as expected, now prices are getting rejected here, suggesting the demand levels of 1210-1207 likely to be re-visited again.
Trade gets negated on an hourly close above 1244.
Prices have bounced and made a 'Hammer' at the 100 SMA. High chances that a medium term low could be in place now. Minimum target would be 765, and investors should ideally hold till a new all-time high is made.
Trade would be negated on a Weekly Close below 690.
At 464, price got rejected from a strong earlier supply point, and today's initial movement on the stock was weak, so the stock is expected to head lower going forward. First target 450, and subsequently 442.
The trade would get negated on a decisive 10min close above 460.
Prices broke out of its strong supply zone (3044 - 3053) on 5th Jan and it has seen acceptance at that zone. This confirms a Trend Reversal for the stock. Price is expected to touch 3187. Any dips in price till 3050 should be looked upon as a buying opportunity.
The trade gets negated on an hourly close below 3040.