Confidence can be an important psychological tool for the trader – important enough to make the difference between a winning trade and a losing trade. When you develop your trading plan, it is obviously important that you have confidence in its accuracy and usefulness and in your belief that you can follow your plan closely and execute it successfully.
There is some Problem in my DATA as data is coming of Monday. Am re posting the same with corrected Value Thanks to Sanjay Bhai for pointing the mistake
Support becoming Resistance Theory Classic Example BHEL
BHEL is unable to cross its 1800 which was its short term support in the downfall which it witnessed after delivering bad set of numbers for last quarter.
Any Upside is possible only above 1780-1800 levels.
Buy above 1787 Tgt 1800,1820 and 1833
Sell below 1751 Tgt 1738,1718,1698 and 1672
Stock is approaching a Significant resistance of 1055-1057 levels. This level has provided support to stock in past many trading days and now it will become a classical resistance.
Above this we also have a gap between 1072-1088 levels. Cross over of 1057 will lead to gap fulfillment
Sell below 1055 Tgt 1050,1039 and 1029
Such a large upmove was backed by Volumes as they were 8 Million as compared to previous day of 4.19 million shares.
Always Remember that BEAR market rallies are sharp and swift and will not give you time to react also as seen from past 2 trading session an upmove was 300 Points in Nifty.
RIL will face resistance at 800 where the Gap is formed.Move above 800 can propel the Stock 830 odd levels