So after a straight rally of more than 20% in 2 months we have taken a pause. Trailing sl in long got triggered on Friday as daily candle closed below PDL. A shooting star candle has been formed in weekly TF which indicates a trend reversal which will be the pullback of the whole up-move. Activation of the shooting star candle is below its low 38845. In case bulls take out the high then we will test ATH.
Coming to Monday's trade setup, a bearish engulfing has been formed in daily charts which indicates a bearish sentiment. So, if index opens flat and a 5 Min candle closes below 38845 then we will short for the target of 38650, 38475 and 38290. Book max @ 38280-90, PRZ placed.
For buying we need a 15 Min candle close above 39195. Upside targets will be 39390 and 39565. Book max at 39565, PRZ placed.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
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