- Textbook example of Disappointment Lifecycle IPO Pattern (From the book: The Lifecycle Pattern)
- Accumulation after long time since IPO listing on Weekly Chart
- VCP type pattern formation
- MACD Positive
Good pick for swing trade.
AVWAP : By plotting from ATH, we see lower band was tested thrice. Now we may expect a price break above lower band.
Pin bar : Taking previous pin bar as bullish swing point, we get excellent Risk to Reward trade
Last week, Banknifty formed a wide range bar. We can expect a pause this week, and anticipate an Inside Candle formation. Best option right now is index plays with short option. Plan for OTM Short Strangle or ATM Short Straddle. But due to very low VIX regime, maintain tight stop loss.
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Charts posted are for research, don't take blind trades in crypto.
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Highest monthly close is around 170 and all time high is 217.
If anyone bought keep holding and can add more if consolidates. On monthly charts there was consolidation of around 10 years.
Last time recommended at 3.5 levels, now 13...multifold returns!
NIFTY AUTO Index have formed similar pattern like MARUTI - Inverse H & S, and Triangle pattern. TATAMOTORS and MARUTI are two major constituents which will move AUTO Index.
Bullish Momentum above ~7700