007 FEDERAL BANK LTD, Investment Strategy, LONG 8-Apr-21

FEDERAL BANK LTD - 08/April/2021
- Monthly
- Consolidation and downtrend
- Monthly Bearish Engulfing last month
- Looking at the market scenario (BankNifty is uptrend) looks like it will invalidate the bearish engulfing as it happened previously during March 17.

Weekly
- It is Uptrend going through a Channel Pattern.
- I am expecting it to continue the bullish pattern, considering the support at 79.00 and the target price will be 97.00

Daily
- I have Drawn a Rectangle.
- This is a double bottom pattern for the previous downtrend.
- To trade double bottom entry is at 78 Stop loss 74 and the 1st Target will be at 83

I am in for the double bottom and weekly uptrend channel. Will keep you updated.

Thank You!!
Avinash Sawant