Bullish Piercing – Nifty – 11Dec18

Trade plan:
• Recent price fall trend is witnessed. This is a reversal pattern.
• The bull body covers the low of the previous day.
• Today’s body covers atleast 50% of the previous day’s body.
• The upper tail of today’s body is small in size. Volume is high during pattern formation.
• Long position created. Risk:Reward is 1:1.
• Entry price set above the high top of today or previous day, whichever is higher (A)
• Stop loss set at the bottom low of today or previous day, whichever is lower(B)
• Target to exit (Sell) at A + (A-B)
• Risk = A-B
• Entry price: Rs. 10565
• Stop loss: Rs. 10335
• Target price: Rs. 10796