Candle Pattern Form on Weekly Closing is Shooting Star at the top ( A Bearish Candle) indicating trend reversal.
A Death Cross was also formed on 12th April when DMA 44 crossed below DMA 200.
There is a Gap between 778 to 788... which is offering resistance!
Due to Good Q4 2022 Results, the Stock is likely to open GAP UP on Monday, April 25, 2022.
However, analysing the Futures Open Interest data its observed that there is a short build up.
Option OI suggests that heavy Call Writing has been done from 780 onwards... 800 has the highest CALL OI... So 800 will be a Strong Resistance. Also Maximum Puts have been written at 700 level, so 700 is a good support. These two levels may be respected at least till this month Expiry April 28, 2022.
Overall its prudent not to enter at 770 above level unless it crosses the resistance... else it may be a Trap for the Bulls!
When there is a News based effect on a Stock, We should not give much importance on Technical indicators on that particular day. ICICIBANK used ro react unimaginable way on Results day... lets see!
optionhunter1984
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Very good analysis but if you check past chart patterns when result came it always opened high and went upwards then after 2 to 3 days it went downwards. Not about technicality but after result this happens. Only last time it didn't open high much. Just my thoughts
ka4mic
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@amarrmusic, it will gap up and will be bull trap... for it to really have and advance trend... it has to cross 810 and sustain at the level, which is very unlikely...