#087 | Swing Trades for the Week
Indian Equity Markets - Technical views on Nifty, Bank Nifty and 3 interesting ideas 🚀
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Important - Typically, a buy trigger is initiated when the hourly candle closes above Friday’s closing price.
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In Nifty's chart, we had shared that it has broken out of the descending wedge pattern and can give a good up move.
We did saw a good up move and now we are moving in this ascending channel. Nifty is above it's 20 and 50 Exponential Moving Averages, so till we are above those, we are more likely to head higher and any dips till those moving averages should be bought or if we retrace and touch the lower end of the channel, it can also act as a support and we can then again bounce back towards the upper end of the channel.
Resistances are at 16950 - 17300
Supports are at 16490 - 16275
Bank Nifty has broken out of the resistance and the same level can now act as a support in case Bank Nifty starts to decline.
So far it is looking good and it is also above the 20 and 50 exponential moving averages and we can expect more upside from here.
Resistances are at 37300 - 37900
Supports are at 36000 - 35650
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In EIH LTD's daily chart, we can see that it was getting into a tight range and formed a triangle pattern.
It has managed to breakout above it and the volumes have also been rising along with this move.
Till we are above 133 levels, we can go towards 148 and 156 levels.
The tourism industry is characterised at the current juncture with two factors - massive disruption on account of Covid since there was no movement and now back with massive resurgence. After almost 6 quarters of losses, the company has been posting profits for the last two quarters. With the Oberoi New Delhi also operational, one can expect earnings to rebound.
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