Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Trading Setups For August 23, 2018

Published 08/22/2018, 12:11 PM
Updated 07/09/2023, 06:32 AM

HINDALCO

Hindalco Industries (NS:HALC) has bounced back strongly from its lows near the 190 region. It has sustained every move higher after posting lows. What we currently see on that charts is an inverted head and shoulders which is usually a bullish signal. The neck-line lies near the 230 region. A clean break above the 230 region may propel Hindalco towards the 255-260 region. We see the moving average is nicely lined up to the base of the consolidation which happens to be one of the shoulders. This is a good sign for a move higher.

  • Trade Idea: Buy Hindalco above 230

Hindalco Industries

INDUSIND BANK

Over the past few weeks, we’ve seen some choppy action with IndusInd Bank (NS:INBK). There is some support near the 1960 region which, if broken could trigger prices as low as 1880. Also, IndusInd wasn’t able to clear new highs and sustain it. Whenever, this happens it could be a sign of a reversal.

  • Trade Idea: Short IndusInd below 1960.

IndusInd Bank

JP ASSOCIATES

Jaiprakash Associates (NS:JAIA) has been weak since quite some time now. While it is expensive to take a position in the futures due to the extremely high spread of 5 paise against the stock price of Rs. 13, taking a position in options may not be a bad idea. While the chart looks extremely bearish with continuous price rejection every time it tries to go higher, shorting in the money call options or at the money call options may yield a good result. The expiry only has a total of 6 trading sessions and the time decay along with the bearish chart will maximize gains.

  • Trade Idea: Short ITM or ATM call options

Jaiprakash Associates

Disclaimer: This in no way is investment advice. Please take trades as per your own understanding. Use your money wisely.

Latest comments

JP disappointed
very disappointed
jp disappointed
Jp disappointed
nice
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.