Yes, Pharmacy is week, the option chain data of sunpharma has lot of outstanding contracts at strick price 450
mayanksardana
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@v2uvip72, Yeah, If i see option data for may month its almost 12 Lakhs shares has been already sold in 30 rs range i.e. 470 to 500. This will be huge resistance zone for this month.
sankeerth1991
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Great Analysis! I jumped the trigger soon on 27th and took a long position at 494 thinking it would breakout, but the direction reversed, I didn't respect the stop loss rule and I was punished badly for that.
I'm glad you posted this. I was able to correct the mistake I made (but only after paying very badly for it) :(
mayanksardana
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@sankeerth1991, Yes, I too jump when there is a breakout, You were not wrong. Main part was SL that is mandatory when we enter a trade and most important in price action trades. You would have definitely exited once it broke 485. Though you learned from it so its fine. Now I am waiting for 450 and have secured 5 points as well :)