The stock closed breaking a very critical support level of 990 and closed at 983. It has been on a clear bearish trend over last few days making a bearish marubuzo candle today. However, it has rebounded off this level in the past as well.
Postional Ideas for tomorrow: Below: 978 - Short for targets of 970, 960 and 950 with SL at 988; can trail SL after T1 Above 1000 - Go Long for 1025 with Sl at 990.
In case of a large gap-down opening below 983 (which is quite probable for tomorrow in my opinion); the short trade targets mentioned above will become supports for going long with Targets of 990 and beyond (trail SL specially if NIFTY is bullish). Risk takers may want to go long on 990 CE or 1000 CE.
In case of gap-up; short after confirmation of trend using 15 min ORB; targets 990, 985, 978, so on (trailing SL).
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No trades triggered so far but a doji highway has formed just bellow 1000 and the downward movement was rejected earlier. Wait for a close above 1000 on the 5 min chart to go with trailing SL unto 1025
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Close below 990; short for 980
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Buy Triggered at 1000. T1: 1010, T2: 1025 Trailing SL after T1