Open-32546.60--High-32683.50--Low—32148.25—Close-32574.65
on 13.1.2021
Support:32465.45/32260/32161/31836/31783/31660.75/31649.45/30996/30945.20/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.
Resistance:32613.10/32683.50/33043/33327/33681.
(Bold and underlined figures are most
important)
It has been steadily moving up and as envisaged it
crossed it’s all time high of 32613.10
and made new high of 32683.50 today
but closed below it. It is way above its benchmark point of 29314. Its other key points are placed at
32261.10—31808.71----30542---29785---28773.63(figures
can change) and it is well above its key points also which is a positive
sign for the up move to continue. Please note that sustained break below 32261.10 & 31808.71 can push it
into very short correction mode which can last for 2-4 days, sustained break below 30542 on the closing basis will push it into real short term
correction mode which can last slightly longer, sustained break below 29785 will push it into medium term
correction mode which can last even longer and most importantly sustained break
below 28773.63 on the closing basis
can push it into long term correction mode and will potentially threaten the
uptrend also, which may please be noted.
The overall technical setup is looking good for the continuation of the
up move. Furthermore it crossed it all time high of 32613.10 intraday, although it closed below it at the end but it
has good strength and once it sustains
above this mark on the closing basis then it may be heading for big a rise
which may please be noted. Therefore at this point of time it is suggested to
be slightly cautious till it closes above 32613.10.
Please note that it’s most critical and important points for the year 2021 are 32613.10---32465.45---31264.05 and if it remains below any of these
points one should be very alert and careful in the long trade.
Moving down
its critical support points at 32465.45---32261---31808.71---31725.85---31508.17---30945.20---30893.65---30542---30197.85---29785---29314---28773.63.
Moving up its critical resistance points
at 32613.10---32683.50---33043---33327---33681---34130---34323---35440---37700.
In view of the above observation for safe traders long trade can tried
if it moves and maintain above 32575 for
some time, avoid buy on decline for the day. However aggressive traders can try
long trade if it maintains above 32575
for some time or on decline but not below 32100.
Since it is in the strong up move therefore short trade in general should be
avoided but short trade can also be attempted on the rise at appropriate price
range or on the price breakdown for taking advantage of the intraday corrective
move irrespective of the trend.
NOTE: - If
it opens up with huge gap up then wait for it to settle down before initiating
long position, but short trade can be attempted on huge gap up if it is near
the selling point and vice versa . Since, it is showing volatility so any type
of trade should be squared off during the day, if you don’t have reasonable
profit margin in the trade. Day squaring off is strongly suggested
in any case.
TRADING STRATEGY
1. Buy if it moves and maintains above 32575 for some time with
a stop loss of 32440.
Or
Buy on decline at appropriate points or near 32100 but not below
it with a stop loss of 31900.It is for aggressive traders.
2. Sell if it moves and maintains below 31900 for some
time with a stop loss of 32060.It could be a risky trade but worth trying.
Or
Sell near if does not move
above 32683.50 even in intraday in first two hours of trade with a stop loss of
32750.It could be a risky trade but worth trying.
Disclaimer:-The view expressed here are solely
of the author and he is not at all responsible in any way for the outcome of
the trade you enter based on the above view.
Kindly note that make your cost your stop loss
in favorable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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