Open—15202.15--High—15218.45—Low—15100.85---Close-15174.80on
10.3.2021.
Support:15165/15102/15069/14998.80/14977.20/14899/14862.10/14823.07/14753.55/14653.35/14222.80/13953.75/13777.50/13596.75/13399.30/13145.85/13131.45.
Resistance:15176.50/15273.15/15305/15325/15369/15431.75/15471/15615/15694/15800/16028/16323/16991.50/17470.
(Bold and underlined
figures are most important)
It moved above all its key points on 9.3.2021 and today further moved up and closed with a gain of 76.39 points which is a good sign and
as long as it holds 15083 on the
closing basis chances are that it can continue the up move with intermittent
correction. Its most critical points for the year 2021 are 14024.85---13996.11
& 13981.75 and it is way above these points now and as long as it holds
these points on the closing basis uptrend will remain intact. Its other key points
are at 15083---14998.70---14888.80---14336.34---13562.48---12430.50(except
for 12430.50 other figures can change). It has moved above all its key points now therefore it is out of correction mode now, which is positive sign. Please note that sustained break below 15083 & 14998.70 again can will push it into very short term correction mode which can last for 4-7
days or more, sustained close below 14888.80 can push it again into deep short term correction mode
which can last longer, sustained break below 14336.34 on the closing basis
will push it into medium term correction mode and it can last even longer and
most importantly sustained break below 13562.48
on the closing basis can push it into long term correction mode and will
potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will
further dampen the uptrend for sure, which may please be noted.
It moved above all its key points so it seems that correction
may be over and if it holds 15083(figure
can change) it is expected to move up and may pick, up momentum once it closes
above 15239 and sustain. It is
important to mention here that the further
strong and sustainable up move can only be expected if it moves above 15431.75 & 15471 and sustain on the
closing basis else with zigzag movement it may drift down again in coming days.
Therefore moving up the critical range is between 15239---15431.75---15471(first two figures can change) please note
that sustained close above 15471
will open the big upside range for it. Going up it will face resistance at 15176.50---15204---15239---15273.15---15369---15431.75---15471---15615---15694---15800---16028---16323. Similarly moving down it can find support
at 15083---14998.80---14888.80---14753.55---14695.25---14635.05---14529.15---14467.75---14428---14336.34---14300---14258---14222.80---14024.85---13996.11---13981.75
levels. Please note that the short
term technical setup is improving now but the long term technical setup is
still o.k. as of now.
In view of the above observation, safe traders can try long trade if it
moves and maintain above 15239 for
some time but avoid buy on decline
for the day. However aggressive
traders can try long trade if it moves and maintain 15239 for some time or can buy on decline but not below 15083. Since correction seems to be over therefore short
trade in general should be avoided but 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 good for continuation of the up move 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 maintains above 15239 for some time with
a stop loss of 15170.
Or
Buy on decline but not below 15083 with a stop loss of 15030.
It is for aggressive
traders and could be a risky trade.
2. Sell on the rise near or within the range 15390---15430
with a stop loss of 15490. It could be a risky trade but worth trying for
intraday correction.
Or
Sell if it moves and sustain below 15083 for some time with a stop
loss of 15140. 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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