Failed Rounding top in Grasim Industries-27/11/2024

There was a rounding top pattern forming in Grasim Industries stock. The same can be seen as a head and shoulders pattern or triple top pattern. The market was flat in the morning, and there was no clear direction of the market in the first hour. Grasim's first 15-minute candle left a very big wick on the top and closed very close to the 2600 level. This level has been acting as a support for the past few days, and hence a candle close below 2600 was important. This looked like a good setup for an intraday short trade. The market did spend some time near that level, and we can see several attempts to break that level. The price action did give us some time to exit when there was no movement for 1.5 hours. Eventually, there was a big move up hitting the SL. The setup was reasonably good, but trades do give losses. Hence, money management and risk management are topmost priorities. No setup is foolproof, and booking losses is part of the process.