Observations:
Current Price: ₹764.40, with a 5.77% increase on the day.
Resistance and Support Levels:
Resistance near ₹800 (marked by the green horizontal line).
Support near ₹715 (marked by the red horizontal line).
Trend: The stock has been in an uptrend but appears to have corrected recently and is now bouncing off a support level.
Indicators:
The stock is trading close to its TEMA (Triple Exponential Moving Average) lines (TEMA 8, 13, 21).
The price has bounced near the support and may retest resistance levels soon.
Trade Ideas:
1. Long Position (Bullish Strategy):
Entry: If the stock sustains above ₹765 (current price), one can consider entering with the expectation of an upward move towards ₹800 and beyond.
Stop Loss: Place a stop loss around ₹715 (below the recent support line).
Target: First target at ₹800. If broken, the next resistance could be around ₹850-₹875, which may offer further upside potential.
2. Short Position (Bearish Strategy) if Support Breaks:
Entry: If the stock breaks below ₹715 and sustains, one can consider a short position.
Stop Loss: Place a stop loss around ₹765.
Target: First target near ₹680, with a potential further downside toward ₹650 if the bearish trend continues.
3. Wait for Breakout/Breakdown (Neutral Strategy):
If you prefer confirmation, you could wait for a clear breakout above ₹800 or a breakdown below ₹715 to initiate a trade.
Breakout Trade: Enter long above ₹800 for a target of ₹850+.
Breakdown Trade: Enter short below ₹715 for a target of ₹680 or lower.
Risk Management:
Keep your risk-to-reward ratio favorable, at least 1:2.
Stay alert for any macroeconomic news or sector-specific developments that might impact the stock’s price action.
Current Price: ₹764.40, with a 5.77% increase on the day.
Resistance and Support Levels:
Resistance near ₹800 (marked by the green horizontal line).
Support near ₹715 (marked by the red horizontal line).
Trend: The stock has been in an uptrend but appears to have corrected recently and is now bouncing off a support level.
Indicators:
The stock is trading close to its TEMA (Triple Exponential Moving Average) lines (TEMA 8, 13, 21).
The price has bounced near the support and may retest resistance levels soon.
Trade Ideas:
1. Long Position (Bullish Strategy):
Entry: If the stock sustains above ₹765 (current price), one can consider entering with the expectation of an upward move towards ₹800 and beyond.
Stop Loss: Place a stop loss around ₹715 (below the recent support line).
Target: First target at ₹800. If broken, the next resistance could be around ₹850-₹875, which may offer further upside potential.
2. Short Position (Bearish Strategy) if Support Breaks:
Entry: If the stock breaks below ₹715 and sustains, one can consider a short position.
Stop Loss: Place a stop loss around ₹765.
Target: First target near ₹680, with a potential further downside toward ₹650 if the bearish trend continues.
3. Wait for Breakout/Breakdown (Neutral Strategy):
If you prefer confirmation, you could wait for a clear breakout above ₹800 or a breakdown below ₹715 to initiate a trade.
Breakout Trade: Enter long above ₹800 for a target of ₹850+.
Breakdown Trade: Enter short below ₹715 for a target of ₹680 or lower.
Risk Management:
Keep your risk-to-reward ratio favorable, at least 1:2.
Stay alert for any macroeconomic news or sector-specific developments that might impact the stock’s price action.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.