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views on lic |
nsk1371
White Belt
Joined: 01 Sep 2009
Posts: 226
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Post: #1  Posted: Thu Apr 26, 2012 12:48 pm Post subject: views on lic |
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lic has formed 2 long legged doeji in eod.. any implications on this.. pls elaborate
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psalm
Black Belt
Joined: 12 Nov 2011
Posts: 5368
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| Post: #2 Posted: Thu Apr 26, 2012 12:59 pm Post subject: Re: views on lic |
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| nsk1371 wrote: | | lic has formed 2 long legged doeji in eod.. any implications on this.. pls elaborate |
the stock is finding it difficult to break above 260.....even today, the high is 260.....it has made an "Open High" today....looks slighly weak to me....though the long-term charts are not that weak...that's wat i feel..... 
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TLS2010
White Belt
Joined: 30 Nov 2010
Posts: 37
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| Post: #3 Posted: Thu Apr 26, 2012 1:13 pm Post subject: |
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Hi,
Going by the price action of last 3 days (on icharts site) and referring to the Open interest (May series). LIC looks to be a good entry point now. May series Option data indicate 250 as support and 280 as next potential resistance.
Last 3 days price confirms this as we can see long tails in candles at the 250 region. it may be termed as buying coming in. Last Wholesale Price to enter the stock is 254 with target of 260-270-280
- Lawrence
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sherbaaz
Yellow Belt
Joined: 27 May 2009
Posts: 543
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| Post: #4 Posted: Thu Apr 26, 2012 2:24 pm Post subject: |
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TLS
good points suggested by you. But if you see hourly chart (future) there is significant supply zone between 263-265.10. It would be better if we trade on the breakout pullback once this supply is removed.
comments are welcome.
regds,
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psalm
Black Belt
Joined: 12 Nov 2011
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| Post: #5 Posted: Thu Apr 26, 2012 2:29 pm Post subject: |
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| sherbaaz wrote: | TLS
good points suggested by you. But if you see hourly chart (future) there is significant supply zone between 263-265.10. It would be better if we trade on the breakout pullback once this supply is removed.
comments are welcome.
regds, |
I feel the same....levels around 263 could offer resistance.....if the stock reaches around 260 or so, one can sell it with a stoploss around 263...thats what I feel...else, if somebody wants to go long, its better to wait for these levels to be broken.....levels of 244 could be possible....which could act as some supports, I guess......
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TLS2010
White Belt
Joined: 30 Nov 2010
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| Post: #6 Posted: Thu Apr 26, 2012 3:09 pm Post subject: |
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Hi,
Yes sure the SZ (Supply Zone @ 263) is very near to our entry point. But I had recommended entry at 254 with the first target as 260, which is well within the Hourly supply zone.
On the other hand one can be a little patient and see how the April series closes and then a take fresh view, keeping in mind the overall trading range of May series which happens to be 250 - 280 for this stock.
Lawrence
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