Open-36371.55--High-36656.20--Low—35584.60—Close-35841.60
on 19.2.2021
Support:35815.75/35584.60/35428.15/32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70
Resistance: 35884/36086/36397/36615.20/36647/36897/37170/37284/37708.25/38286/38520.
(Bold and underlined figures are most
important)
Further to my last post for 10.2.2021 as anticipated finally it is correcting for the last four
days. Please note that its critical and most important points for the year 2021 are 32613.10---32465.45---31297.30 & 31264.05 and it is well above
these points now and as long as it hold these points on the closing basis
uptrend will remain intact. Its other key points are placed at 37170---35815.75---35648---33625---32612.92(figures
can change) It is well below its first key point and shade above its second
key point therefore it is in very short correction mode now but if it sustain
above 35815.75 and moves above 36086 and sustain on the closing basis
that would indicate that the correction may be over and sustained close above 36086 may give a relief rally. Please note that sustained close below 35815.75 & 35648 on the closing basis
can make this correction last longer which can last for 5-8 days or may be more, sustained break below, sustained break
below 33625 will push it into medium
term correction mode and it can last even longer and most importantly sustained
break below 32612.92 on the closing
basis can push it into long term correction mode and can potentially threaten
the uptrend also, which may please be noted.
It is in correction mode now but the overall long term technical setup is still good and if it sustain above 35815.75 and moves above 36086 and sustain on the closing basis then the ongoing correction may take a break or may be over and it could give a relief rally and if it moves above 37284 and sustain on the closing basis then it can resume the up move again else the correction may continue for some time. The long term bias is still positive as of now.
Moving down
its critical support points at -35815.75---35648----34812----34644---34556---34373---34018.
Moving up its critical resistance points
at 35884---36086---36397---36615.20---36897----37100---37284---37708.75---38286---38520---38914---39021---41145---42808.
In view of the above observation long trade can be
tried for a possible pullback move at this point of time but with extreme
caution because it is in correction mode now. Traders can try long trade if it
moves and maintain above 36086 for some time or can buy on decline near 35648
but not below it. Please note that buying above 36086 could be
relatively a safe option. Since it is in correction mode now short trade can
also be tried after a reasonable rise in the appropriate range or on the price
breakdown for taking advantage of the intraday down correction or otherwise but
with extreme alertness and caution because the long term technical setup is
still good as of now.
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 maintain above 36086
for some time with a stop loss of 35870.It could be a risky trade.
Or
Buy on decline near but not below 35648 with a stop loss of 35550.
2. Sell if it maintains below 35584 for some time
with a stop loss of 35820. It could be a risky trade but worth trying for
intraday correction.
Or
Sell on the rise near or
within the range of 36450---36550 with a stop loss of 36670.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.
No comments:
Post a Comment
Thank you for sharing your views.