Open—14865.30--High—14959.10—Low—14760.80---Close-14919.10
on 2.3.2021.
Support:14899/14823.07/14753.55/14653.35/14222.80/13953.75/13777.50/13596.75/13399.30/13145.85/13131.45.
Resistance:14977.20/14998.90/15069/15102/15165/15257.10/15305/15325/15431.75/15471.
(Bold and underlined
figures are most important)
After the sharp fall on 26.2.2021
it bounced back on 1.3.2021 and
closed above its important point of 14695.25
& 14754 (see 2nd
paragraph of my post for 1.3.2021) and continued up move today also, so the
pullback rally is on now. 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 14998.70---14888.80---14336.34---13562.48---12430.50(except
for 12430.50 other figures can change). But since it is below its first key
points of 14998.70 therefore it is still in very short term
correction mode, sustained break below 14888.80
will push it into deep short term correction mode again which can last 5-7 days or more, 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 is still in very short term correction mode but since it
closed above its important point of 14695.25
& 14754 (see my post for 1.3.2021) ,so the pullback rally is on and it
sustains above these levels on the closing basis then it can extend the up move
up to 14950---14998.70---15035---15064----15177---15239
but as you are already aware that pullback rallies are treacherous in nature
and can end abruptly again, so this
ongoing rally may end at any of these points or earlier also but if it moves
and sustain above 15239 on the
closing basis then it can resume the steady up move again. Similarly moving
down it can find support at 14888.80---14753.55---14695.25---14635.05---14529.15---14467.75---14428---14336.34---14300---14258---14222.80---14024.85---13996.11---13981.75levels
please note that 14888.80 could be the alert point for the end of this rally and
sustained break below 14695.25 can
end this rally for sure and it can go down further but can bounce back from any
of these points but sustained break below 13981.75
on the closing basis can potentially threaten the uptrend. Please note that the
short term technical setup is slightly weak now but the long term setup is
still o.k.
It is still in correction mode but pullback rally is on therefore those
traders who want to take advantage of the pullback rally gains can try long
trade if it maintains above 14889
for some time or can buy on decline but not below 14754. Furthermore for safe traders it is not suggested to try long
trade for pullback gains because these rallies can end abruptly therefore can
caught the traders on the wrong foot which may please be noted. Since it is still in very short correction mode
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 maintains above 14889 levels for some time with a
stop loss of 14850. It is for aggressive traders and could be a highly risky
trade.
Or
Buy on decline but not below 14754 with a stop loss of 14690.
It is for aggressive
traders and could be a highly risky trade.
2. Sell on the rise near or within the range 15100---15140
with a stop loss of 15190. It could be a risky trade but worth trying for
intraday correction.
Or
Sell if it moves and sustain below 14888 for some time with a stop
loss of 14930. It could be a risky trade
but worth trying for intraday correction.
Or
Sell if it moves and sustain below 14690 for some time with a stop
loss of 14770. 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.
No comments:
Post a Comment
Thank you for sharing your views.