Simple Trade Setup | SUN PHARMA | 26-10-2021 [ INTRADAY]
SUNPHARMA
Observations:
let's take look at NIFTY PHARMA index.
1) On Daily time, we can see that it took good reverse from 200DMA and made dragon fly doji.
As per the textbook knowledge, it should work as trend reversal.
We might see good upmove in most of Pharma stock now.
Please refer below chart : 1day Time Frame.
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Now let's look at SUN PHARMA.
1) On 1 Day time frame, today it made kind of Doji candle and also it took support from 50DMA range and closed above 810 level.
Please refer below chart : 1day Time Frame.
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All the levels and most of the trade setup still remains the same as per previous.
Trade Setup for Date 26-10-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
