LIC HSG FIN
Closing price 261.85
Observations
- Gap zone created on 4th May 2020
- stock faces resistance exactly at gap levels
- broken the channel in the process
- zone of 251-254 may provide some support
- once that level is taken out the stock may come towards the green line
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Consider selling on rise (preferably in the zone of 265-270) for target of 254 / 246 / 228
Pattern gets invalidated if stock goes closes above 282 on daily charts (for positional play)
Intraday traders may look to cut down the risk if stock closes above 272 on hourly chart
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Alternatively one may consider selling LIC HOUSING FINANCE 28 May expiry 280 Call Option around 14-15
Lot size 1300
Max profit potential Rs 18200/- to 19500/- per lot
In built loss protection in strategy for a rise up to 294
Take care..!!!
Be safe & be strong.