For the first half of may,
I am going to look for long opportunities in the stock
and trade whenever the price looks right.
Areas I'm looking at :
- Current price too, 1st target of upper line.
- Breakout above line with a feasible SL.
- If it goes down, any price close to yellow trendline.
As with every chart, I will update it with commentary.
Here, I am starting a new series where I'll be sharing useful scripts available on Tradingview.
Some people do not know that apart from the usual indicators, there are 100s of custom indicators/scripts on Tradingview.
I'll be sharing a few good ones time to time which will help you in trading decisions.
So, starting with the first one,
this is Sentimental...
These are my probable setups for different kind of traders.
Aggresive buy is for those who believe banknifty will be strong and would like to increase their RiskReward.
Defensive buy is only buying on breakout of the line.
Value buy is improbable but if the stock doesn't sustain up , and falls, then when it reaches the trendline, it'll be a good opportunity.
Potential Short Setup .
My reasons are I feel the trend is exhausted as of now.
Personally, 3400 would be my SL, as long as its less than 1 % from my entry point.
I would go short on the open, most probably.
Please do your own due diligence and trade. I am sharing my personal thoughts and making no recommendations to buy or sell.