JK Tyre at Resistance Zone - Short Opportunity
Hi Traders,
As you can see in the above chart , JK Tyre CMP is Rs.153.40/- and currently price is at resistance zone and you can take the short trade at CMP on Monday market after observing first 1 hour candle (it should be in downward direction -Red candle, then only take the trade) and target can be Rs.130 to 125 (Profit per share is Rs.23.4 to 28.4) and stop loss is based on your risk appetite.
Otherwise, if the price on Monday breaks the resistance zone in the upward direction then there is a another strong resistance zone at Rs.185 to 195, wait until price enters the resistance zone. After price enter the resistance, if a candle (1 hour candle-Red candle should be formed ) is formed in downward direction and closes below the Resistance zone (i.e. below Rs.185/-) then you can take the short trade and target is Rs.135 to 130 (Profit per share is Rs.50 to 55) and stop loss is based on your risk appetite.
This analysis is for short term trade (i.e. Positional trade) and not for intraday trade.
Note:
This is not a financial advice, please trade at your own risk.
Thank you. Enjoy the trade.
As you can see in the above chart , JK Tyre CMP is Rs.153.40/- and currently price is at resistance zone and you can take the short trade at CMP on Monday market after observing first 1 hour candle (it should be in downward direction -Red candle, then only take the trade) and target can be Rs.130 to 125 (Profit per share is Rs.23.4 to 28.4) and stop loss is based on your risk appetite.
Otherwise, if the price on Monday breaks the resistance zone in the upward direction then there is a another strong resistance zone at Rs.185 to 195, wait until price enters the resistance zone. After price enter the resistance, if a candle (1 hour candle-Red candle should be formed ) is formed in downward direction and closes below the Resistance zone (i.e. below Rs.185/-) then you can take the short trade and target is Rs.135 to 130 (Profit per share is Rs.50 to 55) and stop loss is based on your risk appetite.
This analysis is for short term trade (i.e. Positional trade) and not for intraday trade.
Note:
This is not a financial advice, please trade at your own risk.
Thank you. Enjoy the trade.
Comment:
Hi Traders,
Sorry for the above analysis for short trade , i thought JKTyre share has derivatives (Future's and Option's) facility also available to trade but later on i came to know that Jktyre don't have derivatives facility. But if you check the analysis worked, as i gave the update to short the share at Rs.152.15 and today's low is Rs.146, so with in 2 days profit is Rs.6.15 per share. But with out derivative facility it is not possible to take short trade.
Thank you.
Enjoy the trading.
Sorry for the above analysis for short trade , i thought JKTyre share has derivatives (Future's and Option's) facility also available to trade but later on i came to know that Jktyre don't have derivatives facility. But if you check the analysis worked, as i gave the update to short the share at Rs.152.15 and today's low is Rs.146, so with in 2 days profit is Rs.6.15 per share. But with out derivative facility it is not possible to take short trade.
Thank you.
Enjoy the trading.
You can take the short trade now at CMP as explained above as 1 hour candle is formed in downward direction.
Thank you.
Enjoy the trading.