The stock is in consolidation phase, where a swing trade setup is been spotted on the daily chart. The price action firstly made a double bottom on the previous support indicating buyers strong hold on that price range, indicative of buyers buying at support again to swing the prices up. Hence providing a low risk swing trade setup on daily chart.
T1- 950 I SL - 920 I Duration: 1-3 days
T2 - 970 SL - It may vary depending on the correction once T1 is achieved
T3 - 990 I SL - It may vary depending on the correction that will happen once T2 is achieved
Sir, should we take consideration about the high volume candle formed on 26-04-21 and which supported downtrend and price was never able to cross high of that candle which is 954.50. Should we worry about that ?
NeeteshJain
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@TraderParth, Yes, we shall respect that candle and trade accordingly after reaching our T1.
As I mentioned, each target will give correction due to high selling pressure in the previous rally, now we need to see whether buyers can turn around the demand, to move further up.
I think a better entry point is if its breaks 940 with a short term target of 970
NeeteshJain
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@padavans, Yes, that could be another good entry point with limited risk as one could take the low as SL of that candle which breaks above 940 resistance.
padavans
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@NeeteshJain, anyway the trade setup is a good find...
gaurathod101
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I hope that you are correct sir
tradewithme2cool
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NICE ANALYSIS
radhewankhade
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sir please analyse HUL chart and tell if 2400 traget is possible or not