Coal India has been trading in a parallel channel since almost a year now. It has come at its support which also happens to be the 50DMA on the weekly charts. Expect targets upto 150 and later 170. SL - closing below the channel on weekly basis.
can we trade in F&O...(September expiry) as it's on support. what level should i buy on (for minimum risk)? i mean if it gaps up on monday, what should be the strategy ?
NikTrader001
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@newbieintrading, yes you can trade in F&O for September expiry.. 140 CE is around Rs2. If it gaps up on Monday , ie, opens around more than 1% then do not enter. Wait for it to test todays low in the first 15 mins and if it again starts moving up then go long.
For F&O , wait for price to create a pattern at this level. It will not shoot up at once, Levels of 134-136 might be tested few times before moving up. Also, if channel is broken it may again come to 123-124. Good LUck.
newbieintrading
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i did enter @ 1.85, sold it @1.95; what's ur view on short term
NikTrader001
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@newbieintrading, bullish until its closing prices are within the channel..! not traded options in this but bought equity shares.