Open-35754.45--High-36455.15--Low—35570.55—Close-36368.05
on 3.3.2021
Support:36086/35884/35815.75/35648/35584.60/35428.15/35379/32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70
Resistance: 36397/36615.20/36647/36897/37170/37284/37708.25/38286/38520.
(Bold and underlined figures are most
important)
It is in a pullback mode now but showing less comparative strength in comparison with CNX-Nifty, however it may catch up in coming 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 35815.75---35648---33625---32612.92(figures can change). ). It has decisively crossed all the key points again which is a very good sign. Please note that sustained close below 35815.75 & 35648 can push it again in the short term correction mode, 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 pullback mode but still in corrective phase, please
note that it can come out of corrective mode if it moves and sustain above 36718, similarly if it break 36031 levels and sustain on the closing
basis then it could slip into very short term correction mode again. Therefore
the range for now is 36718---36031(figures
can change) and breakout on the either side will decide the further
direction. Moving up this rally can extend up to 36989---37100---37232.20---37708.75---37932---38215---38539---38822.
Similarly moving down it can find support at 35815.75---35768---35648---35556---35334---35018---34644. Please
note that the short term technical setup improved but the long term setup is
still o.k.
In view of the above observation it is still in corrective
phase therefore for safe traders it is suggested to try long trade only if it
moves and maintains above 36718 for
some time and avoid buy on decline. However aggressive traders can try long
trade if it holds 36031 levels for
some time or can try long trade if it moves and maintain above 36460 for some time. Since it is not exhibiting
enough strength for the continuation of the up move at this point of time
therefore please be alert and extremely cautious in the long trade. Since it
is still in corrective phase 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 or otherwise 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
1. Buy if it moves and maintain above 36460 for some time with a
stop loss of 36320. It is for aggressive traders and could be a risky trade.
Or
Buy if it moves and maintain above 36718 for some time with a
stop loss of 36600. It is for safe traders.
Or
Buy on decline but not below 36031 with a stop loss of 35800. It
is for aggressive traders and could be a risky trade.
2. Sell if it maintains below 35800 for some time
with a stop loss of 35900. It could be a risky trade but worth trying for
intraday correction.
Or
Sell near if it does not
move above 36718 in first two hours of trade even in intraday with a stop loss
of 36800. It could be a risky trade but worth trying for intraday correction.
Or
Sell on the rise near or
within the range of 37150--37250 with a stop loss of 37325.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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