If we look at the chart, Religare has been going smoothly for some time and entering an area from where it had a breakdown. If the price manages to cross this zone and sustains the support, I guess it can go up from here. I will wait and watch.
I want to observe how the price will behave on the higher time frame for some time. After some consolidation, I will go for the buy side when it goes up again. Just, a simple analysis.
I prefer to wait for price action at red lines for shorting and similarly at green lines for long. I will wait for a strong price action to show me some at my levels and then only take a trade. We can see that has price has been following downtrend since Monday. I would like to follow that order till buyers feel that the price is cheap now.
The top three red lines are resistance zone where sellers have shown presence and based on previous price action buyers want the price to come down to be interested to buy. So my aim is to wait get a confirmation for a trend before jumping into it.
