Trendline broken cleanly, however this cannot be seen as a reversal.
Remember there was a massive gap down on monday
The market just came back to fill the gap.
All fresh longs might have hedged their positions by now
Tomorrow would be a red candle if market opens below todays high.
That should ideally be a pullback and an opportunity to re enter at 17500...
EPL holding its ground in a choppy market
entry price might be at 155/160 levels for a decent 15 percent gain..
momentum exaution seen, may pickup any time
holding the stock not adviseable as may reverse at any point, strict entry, target and stoploss to be observed
the counter has broken out if the channel with volumes 2 days back.
corporate commentry being strong, there is a lot of volume in this stock
price is sustaining above the breakout levels
further looking into the counter shows a lot of shorts are created every day to bring down for big players to buy.
delivery percentage is 25% meaning for someone to buy, he has to...
as seen in the daily chart , we can see a gap that is along the major trend direction of hdfc bank
this gap has been showing great influence on the momentum of the stock inside it and ability to attract the price towaards it too.
based on the past trend, we can see a 2/3 day rise in the stock price of hdfc bank.
as such it is near multi month lows, so great time...
the stock is seen to be breaking a long term resistance level.
trade tenure is 7-10 days for an upward of 7% returns.
use 2:1 profit to stoploss ratio
revise stoplosses after ever 5 percent rise to 2 percent below the low of previous candle
upl is now seen to be consolidating at current price levels, lower time frame shows parallel channel formation. this further strenthens the idea.
another breakout cannot be ruled out in this trade.
although we have seen some level of retracement in nifty tiday, volumes in my opinion were seen to be lacking.
I see a retracemnt to 17450 levels and a breakdown immediately after touching it.. se
strategy would be to sell on rise put of 17600 demonination