CDSL trade ideas
CDSL - Important
Any breach of this parallel channel will lead to fall up till 1140 - 1200 levels.
The green zone drawn below (1140 - 1200), is an addition zone for the stock.
Totally unexpected!
The results were very good and with the coming up of LIC IPO, CDSL should out perform, but inverse is happening.
LESSON LEARNED - What seems obvious, is clearly not going to happen!!
CDSL trying for big breakout CDSL is at a critical resistance level and has been trying to breakout these 3-4 times in last few months. It's in ascending triangle pattern, which is considered bullish. If the daily candle is fully above the resistance level for 2 consecutive days, it will go big, else come back in triangle for further consolidation.
Stock Analysis - CDSL - Breakout formedStock Analysis - CDSL:
My Analysis - Daily Timeframe:
1. Increasing support found in the bottom of Ascending triangle - marked in pink color UP arrow
2. Flat Resistance level (Rs.1580) - marked in Orange color down arrow.
3. Rs.1666 - found to be breakout point as it is the 2nd green candle formed
4. Expecting 10% upside rally - Rs.1850
Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.
- Gnanasekaran