TECHM ( SHORT SELLING SETUP)
In TECHM stock we can see trendline in Daily Timeframe (1D).
Right now stock is trading at price of 1175 Rs and the support of trendline lies on 1170 Rs.
Also according to the Fibonacci Retracement drawed from bottom to top the stock has broke the support of 0.382 which is at price 1240 Rs and now at trendline support.
One can plan short selling from here at price of 1170 Rs with small STOPLOSS at 1240 Rs(which is zone of 0.382 from Fib Retracemnet) and the 1st TARGET for short selling is 1080-1170 and 2nd TARGET is 990-980 Rs as there is major SUPPORT at 980 level.
There are Q3 rersults are coming of TECHM in upcoming days therefore the STOPLOSS should be little big which can provide space for volatility and SL will be safe thats why we put SL of 70 rs and the TAEGET of 200 Rs againts it. Which gives the RISK REWARD RATIO of 1:3.
Right now stock is trading at price of 1175 Rs and the support of trendline lies on 1170 Rs.
Also according to the Fibonacci Retracement drawed from bottom to top the stock has broke the support of 0.382 which is at price 1240 Rs and now at trendline support.
One can plan short selling from here at price of 1170 Rs with small STOPLOSS at 1240 Rs(which is zone of 0.382 from Fib Retracemnet) and the 1st TARGET for short selling is 1080-1170 and 2nd TARGET is 990-980 Rs as there is major SUPPORT at 980 level.
There are Q3 rersults are coming of TECHM in upcoming days therefore the STOPLOSS should be little big which can provide space for volatility and SL will be safe thats why we put SL of 70 rs and the TAEGET of 200 Rs againts it. Which gives the RISK REWARD RATIO of 1:3.
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