#037 | Swing Trades for the Week
What is Up?
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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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We don't like Nifty's price structure over here.
We can see that it made an " indecision " candle on Thursday and on Friday, we almost engulfed the body of that candle with a bearish candle.
Any bullishness only above 16350, and if we fail to take out this high, we can fall back to 16150-16000 levels.
Banknifty is again facing problem to cross above this resistance. Like we can see in the chart that earlier also it tried to breakout above it but couldn't succeed. This time also we closed above it but could not take out the high of the candle ( 36220 )
This same level of 36220 is really important now, any bullish move can come only if we cross it.
Till then we can fall back to 35200 -34650 levels.
We can see a textbook pattern here the way it is bouncing off the 20 Exponential Moving Average (EMA).
It has been respecting it's 20 EMA since a long time and recently also it has bounced off it.
Now till we are above it, we can move towards 1550 levels and beyond. Once we are in profit, we can basically trail our profit with 20 EMA itself.
In Tata invest, we can see it breaking out from this ascending range. We will now study the daily chart for further clarifications.
In daily chart we can see that it is breaking out of this range and the volume is also supporting it nicely.
Now till we are above 1180, we can go towards 1375-1480-1550.
Narayana Hrudayalaya has given a clear breakout over here and if we observe the volume action, we can see that earlier it had given a sharp move and volume had also supported, then the volume dried up for some days and now we can again see the volume being picked up.
Now till the time we are above 500, we can go towards 565 and 640 levels.
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