Lets have a look at the analysis :-
1> EW Analysis -->
Considering the completion of 5 wave impulse move from low 3332.45 on 28th Jan 2019 till top at 4904.95 on 27th May 2019, we are most probably in zigzag correction. Now, currently we might me in 'y' of 'B'.
2> Classical TA -->
a. formed bullish harami candlestick on daily tf.
b. made 'weak' bullish divergence on RSI on intraday tf, considering 30 min chart.
c. the right shoulder is yet to be formed, now why it is yet to be formed? The recent low has not touched the neckline of H&S pattern missing it with approximately 20 Pts; hence right shoulder will be formed at completion of 'y' of 'B'
3> Putting it all together -->
Intraday tf it has got support at 4535/40, below that it got support at 4422 range, this levels are the supports to look for. Talking about dips, its not necessary it will move towards support, there is same possibility that it move up. Your strategy can be used to go long at any dip if possible.
4>Conclusion -->
a. CMP -> 4550.7
b.Stoploss -> 4489
c.Targets -> 4575/4621/4641
Look on intraday tf for 'weak' bullish divergence -->
Previous idea -->
Regards,
Sharma Yogesh
1> EW Analysis -->
Considering the completion of 5 wave impulse move from low 3332.45 on 28th Jan 2019 till top at 4904.95 on 27th May 2019, we are most probably in zigzag correction. Now, currently we might me in 'y' of 'B'.
2> Classical TA -->
a. formed bullish harami candlestick on daily tf.
b. made 'weak' bullish divergence on RSI on intraday tf, considering 30 min chart.
c. the right shoulder is yet to be formed, now why it is yet to be formed? The recent low has not touched the neckline of H&S pattern missing it with approximately 20 Pts; hence right shoulder will be formed at completion of 'y' of 'B'
3> Putting it all together -->
Intraday tf it has got support at 4535/40, below that it got support at 4422 range, this levels are the supports to look for. Talking about dips, its not necessary it will move towards support, there is same possibility that it move up. Your strategy can be used to go long at any dip if possible.
4>Conclusion -->
a. CMP -> 4550.7
b.Stoploss -> 4489
c.Targets -> 4575/4621/4641
Look on intraday tf for 'weak' bullish divergence -->
Previous idea -->
Regards,
Sharma Yogesh