Around 16250 NESTLE have a small support followed by a pivot support at 16000. There is relief for people having long position as NESTLE may see reversal from here, a doji has been formed but caution has to be maintained coz if nt sustained on 5min chart then may see more fall.
However, long position is advised to be considered if NESTLE is sustaining above 16384.35 on 5min charts for the target of 16448.95 followed by 16512.25 and 16576.55. It would be prudent to keep booking at target levels.
Long position for larger horizon levels are – buy above 16384.35 if sustained above on hourly charts for target of 16576 followed by 16737.85 and 16900.
Further, short position should be considered if Nestle is sustaining below 16256.75 on 5min charts for the target of 16192.55 followed by 16129.45 and 16097.25.
Short position for larger horizon levels are – Short below 16256.75 if sustained below on hourly charts for target of 16097.25 followed by 15939.05 and 15780.65.
Right now, I am of the opinion that trade in NESTLE should be taken by people having good capital to block. The stock is even good for scalping for which short term horizon levels shud be used.
Will share the trade idea for all segments (FnO and Cash) in NESTLE at request only.
P.s.- Please trade as per your comfort and risk.