Tejas Networks: Bullish Reversal at Key Support, Targeting 1,450

Trading Idea:

Stock: Tejas Networks Ltd (TEJASNET)

Timeframe: Daily (1D)

Current Price: 704.95 INR

Key Levels:

Monthly Liquidity Zone: Support at around 644.65 INR.

Target Zone: Potential upside towards 1,440.00 INR to 1,458.95 INR.

Trade Setup:

Entry: Buy around 644.65 INR (near the support level) for a possible bounce, especially if the price confirms a reversal from this level.

Stop Loss: Place a stop just below 644.65 INR, considering it’s a key support zone.

Target: Aim for the price to reach the target zone between 1,440 INR to 1,458.95 INR. Watch for price action at these levels for possible further action.

Reasoning:

The chart shows a strong sell-off followed by a potential reversal at monthly liquidity support.

The CHoCH (Change of Character) pattern suggests a shift in trend direction, which could provide an opportunity for an upward move.