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MGL: Will previous Resistance act as Support?

MGL

- The zone of 780-800 acted as resistance in the month of June and July

- it broke past its resistance in Aug and made a high of 925

- now it is back to 780-800 zone

On charts, Risk::Reward ratio looks favorable to go long
With a SL at 755 on closing basis, one may look to go long in the stock

Buy zone: 780-800
Time frame: Medium to long term perspective
Target 920 / 966 / 1030

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F&O strategy

Alternatively one may consider to sell 27 Oct expiry 750 Put option
The strategy has a profit potential of 10% - 11% and provides protection for a fall up to 734

Take care & safe trading...!!!

Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be