On rise those who can take some risk look for selling opportunity in the 635-640 zone with strict SL at 642 and target of 618 / 612 & then reverse the trade at lower levels to go long
- In case the stock goes higher above the said levels of 637-642 buy with a small ticket size for target of 662 / 682
Situation 3
- the stock continues to rise higher. 696-710 will be an an important defining zone to watch out for. Sustaining above that on weekly closing basis will open up doors for further up movement towards 810 odd levels in medium term. Once it goes above 710 The stock should not come below 677 thereafter.
Scenario 4 The stock falls Below 605. This may turn the counter bearish and may open doors for slide towards 561 / 528 levels. However this could be a tricky situation. There could be chances of false breakdown. So need to be careful on this one. In case of breakdown look for other confirmation points like volume, derivatives insights.
- Safe strategy could be to look to trade the counter after analyzing the behavior on pullbacks. A weaker pullback and inability to cross 620 levels could be ideal situation to go short with minimum SL
- In case the pullback is stronger and conquers 620 odd levels with higher volumes , you know what that would mean...
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