Simple Trade Setup | IRCTC | 13-08-2021

12 ago 2021

IRCTC

Since this stock's movement from last one week has been driven by one news about stock split so it is a bit tough now as it is already on the higher levels.
Today's move came after the confirm news about 1:5 split. And then sudden selling/profit booking was seen.
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Anyway, here I tried my best to provide trade setup based on technical analysis.

It has made rounding bottom breakout and breakout level was at 2660-2661.

Tomorrow if it opens flat or minor gap down and comes till 2660-2661 and gets support from it then it will be perfect entry for buy trade and easy quick target will be 2700-2710. But if it fails and breakdown then it will be short trade entry till that critical zone.

And if it opens above 2700 level and keep on trading above it then it will be entry for buy trade. Highet open interest in call option is at 2700 level. And then on 2800 level call option. So breakout or support of 2700 will give easy 40 points upmove in IRCTC.

Further if it breaks down below the critical level the we can see panic profit booking in it.

But if you are a positional trader for long term then you no need to worry. As a fundamental this company is good to hold till you die.

Hope I made it simple to explain.

Do let me know your doubt or suggestion.

All the best.