Trade rationale

Other – Study mentioned in Notes Below

The attached chart showing a technical support line for Concor at 586 levels, thereafter the script has showed a impulsive wave formation of 80 points that is from 580 to 650, which initiates a short term buy call for the script, for which entry should be made at 61.8% to 78.6% retracement of the previous impulsive wave at 586 levels and first target should be placed at 690-700 levels with stop loss at 580 levels, which is the immediate support level. Additionally ADX(14,14) indicator on 1 Day time frame at 47.84 and MACD(12,26,9) at 32.42 supports the ongoing bullish rally.