Details as provided in the Chart. Support: 600 and 594 on Closing Basis. Target: 630 and then 640+.
Reasons:
1. Rising Trend. 2. Above EMA 89 so Trend is positive. 3. Shorts Covered right from levels of 594. 4. Strong Swing Support on Close Basis 594. 5. First Target 630 followed by 640 if 633 is broken. 6. RS also dominating Nifty. 7. Calls Unwinding on 600 and 610. 8. Strong put OI addition at 600.
Nice detailed analysis, thanks. Is it also possible to predict the timeframe and momentum, so it will help to decide if this trade can be taken in options too?
xclusiveTrader
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@The_Explorer, I usually keep a target and Stop Loss. As the target of 640 was met (It reached to 645), I have exited the trade.