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TECHM trade ideas

I'm in Tech MahindraIts a clear swing trade . A bit of back ground here 1. The top and the sharp fall were both coming. You could have gone long either on Sept 24 or on 25, and ridden it to the dotted red line. Move a bit to the left and you will find that it has acted as a pretty strong resistance . 2. Price moved beyond the strong resistance, and stayed above it for a while. I'm convinced it is not a bull trap/ fake - out ( It could be , no one is always correct ). 3. RSI(3) gave an extremely over-bought reading and price was miles away from the MA band. A sharp fall ensued. 4. RSI(3) reaches over-sold territory, price is within the first two MAs , there is a strong long term trend, and the dotted line showed only slight resistance on the way up , and showed no absorption on the way down. I'm looking to buy. 5. I bought intra-day on Friday, when the candle was a red one with an upper tail. I was confident ( or foolish, your choice ). The reversal candle today gives me more confidence to initiate fresh longs, with a stop just below today's low. 6. You can use a risk-reward ratio for a target, or even an ATR based target. I will hold till RSI(3) reaches oversold ( or SL is hit) and then trail stops, until I find a reversal candle, or resistance. This has kept me in many moves I initially thought were only swing trades , but turned out to be huge, almost linear bull moves. NSE:TECHM
NSE:TECHMLong
by ShanmukhamKumarappan
TECHMTECHM NEEDS TO SURVIVE ABOVE 760 AND IF IT DOES IT WILL BE HEADING TO 784 IF NOT THEN IT MIGHT AGAIN TEST 740 ************************************************************************************************************************************************ Hi all, Its pleasure to have you all here. I have started putting these charts as a contribution from my side to all people who are new to business, as I had to struggle a lot without any sources at disposal. So please consider this a just small contribution from my side. Few Honest Disclosures: 1. Any idea shared is my personal view, its not a recommendation, neither any kind of paid propaganda, so please do your bit of research. 2. Ideas shared does not mean that I trade all or have position in them, this is just a helping hand to all. 3. I expect no comments or like nor any negativity, as I said its just a small helping hand from my side, please plan your risk and trade as per your capacity. 4. To trade in Cash, options or futures is your sole choice and your own risk 5. I am no expert in Tech Indicators, I believe in support resistance and trendline theory, you may use this as a supplement theory for better results. 6. I work for my own living, this is a hobby which I do sincerely to help anyone who might come across my charts. ***********************************************************************************************************************************************
NSE:TECHM
by akkshay11
1