Tata Power analysis -
1. Major Support - 200.
Major Resistance - 265 zone.
2. Past trend - Up, strong selling from 267.
3. Current momentum - Every time since 21st
October faced selling from 235 and made lower low but on 3rd November failed to continue lower. We may have change in structure if it sustains above 235.
4. Overall market - Correction going on, but on up move day is all what is needed for Tatapower to test 260.
Conclusion -
Usual path should be going down to 200 but no high probability trade in that.
High probability setup will form if TATAPOWER sustains above 237, we can have a big trending day to test 260.
Look for below setup in 3 minute timeframe to buy - weak pullback after breakout of 237/240.
1. Major Support - 200.
Major Resistance - 265 zone.
2. Past trend - Up, strong selling from 267.
3. Current momentum - Every time since 21st
October faced selling from 235 and made lower low but on 3rd November failed to continue lower. We may have change in structure if it sustains above 235.
4. Overall market - Correction going on, but on up move day is all what is needed for Tatapower to test 260.
Conclusion -
Usual path should be going down to 200 but no high probability trade in that.
High probability setup will form if TATAPOWER sustains above 237, we can have a big trending day to test 260.
Look for below setup in 3 minute timeframe to buy - weak pullback after breakout of 237/240.
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