Please note, that SL is there for a reason. Typically a trade is taken based on certain patterns and chart formations, and on crossing the SL, the analysis becomes null and void. The only reason we held onto Hindustan Unilever is that our analysis was absolutely correct, however, the wider market wasn't unfavourable and hence moving the SL only by 1% further down made our trade eventually successfully. Do not unnecessarily remove SL unless you know what you are doing.
Glenmark is around a strong that you can date back to August 2020. The stock is around this zone again, and recently the stock gave a breakdown in its . However, as I said above, this was because of the wider market correction and hence while I took the trade in the zone, I moved my SL a bit further down and wait for two consecutive closings.
Today, Glenmark not only made an inverted pattern on the like a honeycomb but also it eventually broke into the . This signifies the intent of the stock.
Buy GLENMARK at Current Market Price
Put your Stop Loss at 450 if you are trading in March Expiry or at 440 for positional cash trades.
Your target for march expiry is just 470. For positional traders and next expiry, your targets are 480, 488, 500, 540, 555.
With just 10 points SL, may the tendies be in your favour.