TRADESETUP – NIFTY, SUNDRAMFAST, MCX & More

Timeframe: 1h

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NSE SUNDRAMFAST – Bullish Setup

NSE SUNDRMFAST has recently broken out of a 17-day price consolidation with a strong candle, indicating a potential bullish movement. The price is currently trading above the 20, 50, 100, and 200 EMA (Exponential Moving Average), which further confirms the presence of a strong trend. The rising Relative Strength Index (RSI) also suggests the strength of the upward movement.

Traders may consider entering trades if the price manages to sustain above the level of 1088. Potential targets for the trade include levels below 1097 – 1112- 1126. Previous day’s low as an invalidation level can help manage risk effectively.

NSE MCX – Breakout Setup

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NSE TECHM – Impending Correction

NSE TECHM is showing signs of weakness on the daily timeframe chart. After reaching a high of 1128.05, the price started to decline. The RSI (Relative Strength Index) has also dropped from 65 to 57.46. The overall structure appears to have completed an impulse move, and a corrective phase seems to be unfolding. Additionally, the rising volume further supports the bearish trend.

Traders may consider taking advantage of the bearish momentum by initiating short positions. If the price sustains below 1106, traders can sell with the following targets in mind: 1197 – 1181 – 1165.