#021 | Swing Trades for the Week
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Important - Typically, a buy trigger is initiated when the hourly candle closes above Friday’s closing price.
Marked level in Red is Stop Loss, marked level in green is - potential target.
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Nifty is stuck between this range right now.
It had made a double bottom around 14200 levels and had immediate gap resistance till 14800 levels and 15000 is a strong resistance too.
Till we either breakout or breakdown, there is no clear trend.
Banknifty is near a resistance right now.
Till we are below 32000, we can fall back towards 31000 levels.
Any bullishness is only above this resistance of 32000.
In the daily charts, SBI has been taking support at the marked level which was earlier acting as a resistance for the stock.
We are seeing a confirmation candle supported with strong volumes that gives us a bullish bias for the stock.
SBI cards: Till we are above friday's low of 915, we can go towards 1050 and 1140 levels.
In the weekly charts, Glenmark Pharma has managed to come out of the descending channel with a strong closing. Let’s now take a look at the daily charts.
In the daily charts, Glenmark has managed to come out of the marked resistance level supported with strong volumes and a confirmation closing candle above the resistance.
This gives us a bullish bias.
Glenmark till above it is friday's low of 530 approx, can move towards 600-655-700
3M india has bounced off an important zone which had acted as a resistance earlier and now is working as a support.
This is known as law of polarity, where the polars change, that is, resistance becomes support and vice versa.
Till we are above 25600, we can go towards 28000-30000.
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