Trade rationale

Other – Study mentioned in Notes Below

Attached chart of Dr Reddy showing Triangular formation 1-2-3-4-5, Wave starting from 5400 ended at 4400, wave 2 started at 4400 ended at 4880, wave 3 ended at 4330, wave 4 starting from 4330, ended at 4580 and wave 5 of the triangle starting from 4580 ended at 4400. This breakout has taken place at 4400 in the five wave form to 4580, The Fibonacci retracement ratios has been used to determine entry and target point of the trade. Also ADX on 30 min time frame below 20 initiates a short term buy call for DR Reddy. This call is purely based on Technical parameters and no fundamentals have been used to determine entry and exit points.