A common phase for newer or struggling traders is to become fixated on a particular view, possibly becoming a little too rigid in their approach. I’m not advocating a wishy-washy approach here, just pointing out that the market itself is not moved by precision and logic, but by perception and emotion. Successful discretionary trading requires an approach that is adaptive.
ICICI bank has seen a fall from its resistance at 952 to 816 816 is the trendline support on lower side. Fall came on big volumes so it becomes the ideal cadidate for shorting at higher levels for short term traders but now we will play for relief rally in ICICI bank.
ICICI Bank is oversold on Hourly and daily chart.
Buy above 831 Tgt 846,857 and 868
RIL resistance/Laxman Rekha comes at 200 DMA @899
Range trading is one of the most frustrating,confusing for short term traders as it gives you an indication of showing breakout but sell off from resistance 🙂
Best Strategy Buy Weakness ie. Support and Sell Strength ie. Resistance with a SL
Buy RIL above 889 Tgt 894,899 and 905
RIL unable to close above 905 will again get struck in range and will move to lower end till 850
Tata Consultancy Limited
Resistance comes at downward trendline which joins 1245,1205 and 1146.
Above 1146 TCS will break the lower low formation and becomes a candidate of Breakout trade.
Buy above 1146 Tgt 1160 and 1179
Short term Traders use dips till 1111 to Buy in TCS
If unable to close above 1146 it can correct till 200 DMA and closing below that will be bearish
Sell below 1110 Tgt 1092 and 1078
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