TF: Daily
CMP: 326.6
Price has been correcting since the results are being announced on 16th Oct.
An Outside bar is being formed on 16th Oct, and the breakdown was confirmed only on 23rd Oct, in an NR4 pattern.
The Outside bar's range is about 31 points and hence, the breakdown target is placed at 305-310 levels.
In addition to that, we could see short term trendline break as well.
The GAP at 280-290 range should also be taken in to consideration, at some point we could revisit/fill that as well.
Positive indications:
- Price is now taking support at 50 DEMA
- Friday's move was mostly sideways, although the broader market was correcting sharply (Could be Expiry Management as well, we never know)
- Price is trading well above the cloud (on Daily TF)
- Price is closer to it's short term support (recent swings are from 320 levels)
In a nutshell, bullish momentum is fading on this counter, better to avoid fresh longs unless we see a clear directional move on the upside.
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
CMP: 326.6
Price has been correcting since the results are being announced on 16th Oct.
An Outside bar is being formed on 16th Oct, and the breakdown was confirmed only on 23rd Oct, in an NR4 pattern.
The Outside bar's range is about 31 points and hence, the breakdown target is placed at 305-310 levels.
In addition to that, we could see short term trendline break as well.
The GAP at 280-290 range should also be taken in to consideration, at some point we could revisit/fill that as well.
Positive indications:
- Price is now taking support at 50 DEMA
- Friday's move was mostly sideways, although the broader market was correcting sharply (Could be Expiry Management as well, we never know)
- Price is trading well above the cloud (on Daily TF)
- Price is closer to it's short term support (recent swings are from 320 levels)
In a nutshell, bullish momentum is fading on this counter, better to avoid fresh longs unless we see a clear directional move on the upside.
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
Trade active
Script is now moving on expected linesPrice has broken the Double bottom support at 320.5 and closed below..
Price is now trading below 50 DEMA
A retest of the 50 DEMA at 325 levels cant be ruled out for now.. a very good entry point for fresh shorts (Low risk)
Baseline/Conversion crossover done and retested too
Future Cloud turned Bearish
Price is now trading inside the cloud.. Cloud TOP and Bottom will now act as Support and Resistance..
For fresh entries, this is in NO TRADE ZONE on daily TF.
Existing Shorts can hold unless it breaks and closes above the cloud on Daily TF as well as the 50 DEMA
Trade closed: target reached
Price reached 305 the desired target for this swing.. 300 is the cloud bottom and it might get some support there.. But too late to short now
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.