Open-36497.35--High-36497.35--Low—35188.05—Close-35496.65
on12.3.2021
Support:35428.15/35379/34893.25/34803.60/32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70
Resistance: 35584.60/35648/35815.75/35884/36086/36397/36455/36466/36477/36615.20/36647/36897/37170/37284/37708.25/38286/38520.
(Bold and underlined figures are most important)
It opened with an up gap today but could not sustain at the higher levels and in the late afternoon plunged down sharply to close with a loss of 441.65 points, it was already weak technically but it still managed to hold the pullback giving threshold points of 35427 & 35379 so the chances of pullback is still there but the undertone is tremendously weak. 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 36063.50---35815.75---35648---33625---32612.92(figures can change). It moved above the 1st key point also intraday today but at the end of the day it decisively went below its first 3 key points of 36063.50---35815.75---35648, so it slipped again into deep short term corrective mode , which can last for 4-7 days or more, this is a very weak indication. Please note that the sustained break below 33625 will push it into medium term correction mode and it can last much 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 was already in a corrective mode but was above its pullback
giving threshold points of 35427 & 35379
and after today’s fall it is still above it which is o.k. but it gotten into
deep short term correction mode again which is a very bad sign and if it does
not bounce back above all its key points mentioned in the above paragraph
shortly then correction can deepen from here. Please note that to come out of correction
mode completely it has to move above 36063.50
and then above 36718 and sustain
on the closing basis, sustained close above 36718 may help it to pick, up momentum and sustained close above 37100 will ensure that it may retest
its all-time high of 37708.75 or may
go beyond also, which may please be noted. Moving up it will face resistance at
35648---35815.75---36063.50---36177---36718---36989---37100---37232.20---37708.75---37932---38215---38539---38822.
Similarly moving down it can find support at 35428----35379---35018---34893.25—34658.70---34373---34114---33625. Please note that the short term technical setup was
improving but got a jolt again today so watch out for next few days how it pans
out but the long term technical setup is still o.k. as of now.
In view of the above observation, for safe traders it is suggested to
avoid long trade till it closes above 36063.50
and sustain on the closing basis, but it would be relatively safe to trade
long once it closes above 36718 and
sustain on the closing basis. Please note that long trade in this type of
market behavior could be a risky proposition and as it is already on a weak
technical footing, therefore it could be more than risky , however the broad
range for the week starting from 15.3.2021 would be between 35090---36718 and short & medium range
would be between 35379---36500 and
breakout on the either side will decide the further direction for it, so the
aggressive traders can trade the range in both side trade with the help of
support, resistance and other critical points mentioned above. Today’s movement indicate that the
correction may not be over therefore short trade can be tried after a reasonable rise in the
appropriate range or on the price breakdown for taking advantage of the intraday
down correction but with extreme alertness and caution because the long term
technical setup is still o.k. 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(Suggested)
1. Buy if it holds 35427 & 35379 for some reasonable time
with a stop loss of 35170. It is for aggressive traders and could be a highly
risky trade.
2. Sell if it moves and maintains below 35188 for
some time with a stop loss of 35450. It could be a risky trade but worth trying
for intraday correction.
Or
Sell on the rise near or
within the range of 36000---36100with a stop loss of 36200. It could be a risky
trade but worth trying for intraday correction.
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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