sideways are the best place for trading
refer chart for direction of the stock
since it has formed a double top like structure i expect it to go down
it is actually a retracement of 61.8%
lets see what it does
buy pe ...next month contract since it is hard to find the time(calc)
Bearish descending triangle formed..
The futures and options volume (not on trading view but based on NSE end of day reports) point to increase in future OI and Volume therefore indicating a strong interest in short.
Options suggest that around 1550 is a good resistance.
If the price retraces - one can take a short position first at 1520-25 then at 1550..
CMP 1452
Target 1800 plus
Stop 1200
1) Stock has witnessed an upward channel breakout with huge volumes.
2) Relative strength upward sloping indicating stock experiencing specific buying vis-a-vis market.
3) Stock has the potential to reach 1800 plus which is the long term resistance zone.
CHOLAMANDALAM INVESTMENT, Beautiful Regulat Flat pattern forming in Wave 4 on Weekly timeframe, lets see how it unfolds towards 800 level and from there to get long.The downside move is confirmed by the corrective formation.
