Indusind bank is hovering just below its previous broken trendline. The stock is in a 15min correction just below the trendline indicating a potential drop. This trade has a good risk-reward ratio with a tight stoploss.
Entry - Only after 1385 has been broken to the downside.
Stop - 1410
Target 1 - 1351
Target 2 - 1312
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Bata has been in a sideways channel on the daily timeframe for quite a while. The stock is approaching the 3rd touch of this channel at the top. The interesting thing about this is, it is approaching the top in a rising wedge formation giving us an idea of a potential dip in the stock. If the stock breaks this small rising wedge formation it has the ability for a...
Becoming a better day trader requires that you not only focus on textbook knowledge but also yourself. This is why it is so important to put some focus on trading psychology.
1. Know Your Strengths – Knowing your strengths is a crucial part of trading. It’s important to focus on what you are good at so that you may focus your attention in that area.
The Stock has been in a downward spiral for many months. It has created a descending channel on the daily chart as well as another small descending channel inside the bigger descending. 3 touches of a pattern indicate pattern completion. Here both the descending channels have completed their respective 3rd touches at the same point. We have also a Morning Star...
A trading plan is your roadmap for what you are going to do in the markets. It's something that you have to create and is not optional.
1. How Many Trades will You Use to Evaluate Your Performance?
- The answer to this question is very simple. Base your evaluation period on the number of trades placed and not by the amount of time passed. Time is irrelevant in...
Bank of Broda is in a Bearish Pennant formation of the 60min chart. Shorts may be initiated after the break of the 103.95 level to the downside. If the price advances to the upside traders should observe the 107.40- 106.30 zone for any rejections or candlestick formations to short the stock.
Zone - 107.40 - 106.30
Target 1 - 101.45
Target 2 - 99.40
Target 3 -...
ONGC is in a small correction phase on the 15min chart. The stock has created a clear bear flag formation which can break to the downside. Shorts can be initiated after the levels of 133.75 have been broken.
Target 1 - 132.75
Target 2 - 130.80
Target 3 - 127.95
This content is for information and educational purposes only and should not be...
Maruti is in a daily descending channel, which has completed 3 touches indicating a reversal. There is a small falling wedge at the 3rd touch.
Entry after 5546 is broken.
Traders can have a stoploss of 5441
Target 1 - 5650
Target 2 - 5710
This content is for information and educational purposes only and should not be considered as a piece of investment advice...
Mahindra & Mahindra is in a descending channel at a double bottom structure at a weekly support zone. The RSI suggests a positive divergence.
Target 1 - 566.
Traders can maintain a stoploss of 540
Traders can look for further targets after 566 levels have been broken.
Bata is in a correction phase after a strong move to the downside. It has developed a rising bear flag formation as seen in the chart above. Traders can look for selling opportunities after the trendline of this bear flag has been broken to the downside which is 1305.
Target - 1253
After a strong move to the downside, SBI seems to be in a correction bear flag pattern. Traders can look for selling opportunities after the trendline has been broken which is the 341.05 level. If the price goes up in the 346-348 zone, which is marked on the chart, traders can look for strong rejections and reversal candle patterns to initiate the trade.
Lt is in a falling wedge pattern which is at an important daily trendline. Traders can look to go long after the wedge has been broken to the upside at 1402.50.
Target 1 - 1432
Target 2 - 1465
Target 3 - 1538
LT is in a clear falling wedge formation which is a reversal pattern and can break to the upside at any time. Traders should go long after 1422 levels are broken. If 1388 has is broken down then no trade
Target 1 - 1471
Target 2 - 1514
Target 3 - 1538
This is a pennant formation on the 60min chart. It has clearly rejected price at 269 levels. Very strong bearish candles at these areas suggest that more downside movement can occur. Traders can go short at the trendline break at 262.55 level. Targets are mentioned clearly on the chart.
After a strong move down, tatamotors is in a correction phase. We are able to see small candles on the 60min chart suggesting to us that this is a correction formed. There is not strong support for the stock till the 150 level. Traders can sell after the break of the correction which is at 155.40. Traders should look for targets of 153 and 150.
BPCL has just broken the ascending channel to the downside and is potentially forming a bear flag pattern to continue its downward trend. There can be a short term pullback rally till 356-362 levels before it can continue its trend downward. Traders should observe these zones for potential rejections or candlestick patterns. The first zone as marked in the chart...
Jindal Steel is in a descending channel and had a falling wedge formation at the bottom third touch which broke to the upside. After the break of the falling wedge, there was a bull flag correction formation which broke to the upside on Monday. This can indicate a further trend in an upward direction. Traders are advised to go long only after 144.50 levels are...