Scrip Name - Dr reddy Labs ~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~ Techincal Analysis:
1. Formed double bottom at the important support. 2. Decisive breakout from the trend line resistance. 3. My small understanding towards market structure and price action.
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How to trade:
1. Buy at dips if risk reward is favorable with Stop loss 4390.
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2. If dips and sustains above recent high above 4590 then go long with SL recent low.
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3. If dips and forms a bullish structure in lower TF i.e. in 15 min, then buy with the SL of the low of the structure.
------------------------------------ Targets
TP1 - 4700 TP2 - 4850
TP3 (POSITIONAL) - 5440
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If you do like my ideas then give a like, comment and follow me to keep me motivated. Cheers and happy trading!
@DalalStreetTrader, The R:R from SL to T1 should be favourable, you can use fibonacci or horizontal support to find the dip. Else there are other ways to trade which I have mentioned above