This is an analysis that can help the trader for short term as well as long term trading. I hope everyone can understand the analysis by seeing the chart only because here I have used the very basic trendline to find out the supports and resistance levels. I never thought of publishing this when I had started the analysis. I was analyzing it to find out the perfect entry point to buy the stock for a long term investment.
So how to do that exactly ? Let me tell you that.
First of all, In the long term view, it is on an uptrend, a fundamentally good stock and has given 21% Y-O-Y growth in the net profit.
Now, let's get into the technical. I have taken the higher time frame of 1 year which was basically to find out the lowest level of support which is 1187.30
Then we can find the green marked supply zone between 1223.85 and 1197.45 levels.
For the short term, we have the supply between 1265.50 and 1259.40 levels, as we can see that this price zone has worked as support and resistance levels for few times previously. Apart from that others trend lines which I have drawn at different levels can also work as support as well as the resistance level in the future . Remember that each level or the trendline can be an entry point. You can also combine the candlestick pattern and structures with the trendlines to increase your accuracy level. So keep track of the price movement regularly and plan your trade setup accordingly.
All the best.
So how to do that exactly ? Let me tell you that.
First of all, In the long term view, it is on an uptrend, a fundamentally good stock and has given 21% Y-O-Y growth in the net profit.
Now, let's get into the technical. I have taken the higher time frame of 1 year which was basically to find out the lowest level of support which is 1187.30
Then we can find the green marked supply zone between 1223.85 and 1197.45 levels.
For the short term, we have the supply between 1265.50 and 1259.40 levels, as we can see that this price zone has worked as support and resistance levels for few times previously. Apart from that others trend lines which I have drawn at different levels can also work as support as well as the resistance level in the future . Remember that each level or the trendline can be an entry point. You can also combine the candlestick pattern and structures with the trendlines to increase your accuracy level. So keep track of the price movement regularly and plan your trade setup accordingly.
All the best.
Comment:
As predicted Price has reached to the strong supply zone and shooted up on 29th. Go long on 1287. 2nd of December we can see a short bearish movement . So if you want to short, then target will be 1263.