Bearish flag pidilite
Updated
Bearish flag below the 200 dma. Pidilite is consolidating at 2300 which is a strong support. And break below can take it to 2000 which is the next support.
Execution - take in the money calls at 2400 as they are cheap on iv basis. 2400 puts at 100. Stop loss at 2360 which would be 50 bucks. Target of 2100 or above the next logical support shown on the chart.
Execution - take in the money calls at 2400 as they are cheap on iv basis. 2400 puts at 100. Stop loss at 2360 which would be 50 bucks. Target of 2100 or above the next logical support shown on the chart.
Note
Continue to holdNote
Flag continues to extend - however since it has not reacted to a falling market, will remove this position this friday if nothing happens by thenOrder cancelled
This trade now looks bullish as it has consolidated. Remove any shorts and look for opp to go long - will publish new idea on this
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