Premium TradeThis is a new category being started here. This will be published when my criterion are met. As the title suggests, this is to give clear-cut levels. Here are two Premium Trades:
a) KotakBank: Buy between 1198 to 1217 (don't buy if these levels don't come). Keep 7 points of Stop Loss. Target 1291.
b) KPIT: Buy between 238 to 241. SL 235. Target: 259.
Logic: Both are breakout stocks. These are buy on dips.
KOTAKBANK trade ideas
Kotak Bank forming Bearish PIN-BAR PatternOn hourly chart, it is been observed that the price action forms bearish Pin-Bar pattern that indicates rejection of higher prices and weakness. It also states that there is high selling pressure from sellers that shall take the price down. It is also important to note that there is a GAP on hourly chart that shall be filled during the weakness. Therefore, it will beneficial to initiate fresh shorts and covering long positions.
Target 1: 793
Stoploss: 823
Duration: 2-4 days
KotakBank - Forming a LEADING DIAGONAL TRIANGLE pattern It is interesting to watch the price action forming a leading triangle as it can represent a new Wave 1 after a all time high breakout. This chart pattern is generally known as continuation trend pattern and subdivides wave structure in 3-3-3-3-3-3 that indicates consolidation between buyers and seller to move prices.
The breakout from here on will define trend and keeping it on my watchlst for tomorrow.