Open—15064.40--High—15273.15—Low—14995.80---Close-15245.60
on 3.3.2021.
Support:15165/15102/15069/14998.90/14977.20/14899/14823.07/14753.55/14653.35/14222.80/13953.75/13777.50/13596.75/13399.30/13145.85/13131.45.
Resistance:15273.15/15305/15325/15369/15431.75/15471/15615/15694/15800/16028/16323/16991.50/17470.
(Bold and underlined
figures are most important)
It gave a robust up move today and closed above its important
point of 15239(see my post for 3.3.2021)
therefore if it maintains above this mark on the closing basis then it is
likely to continue the up move with an 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 14998.70---14888.80---14336.34---13562.48---12430.50(except
for 12430.50 other figures can change). It has decisively crossed all the
key points again which is a very good sign. Please note that sustained close
below 14998.70 &14888.80 can
push it again in the short term correction mode, 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 seems that it has come out of correction and if it holds 15239 level on the closing basis then
it is likely to retest its all-time high of 15431.75 or can go beyond also, furthermore if it moves above 15471 and sustain on the closing basis
then it will open up a very big upside, but if it moves below 15083 (this figure can change upward) and
sustain on the closing basis then it can slip into very short term correction
again. Going up the critical resistance points are at 15369---15431.75---15471---15615---15694---15800---16028---16323. Similarly moving down it can find support at 15239---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---13981.75levels.
Please note that the short term
technical setup has improved and the long term setup is still o.k.
In view of the above observation long trade can be tried if it
maintains above 15239 or buy on
decline can also be tried but not below 15083. Since it has come out of correction therefore short
trade in general should be avoided but it 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 good 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 15239 levels for some time with a
stop loss of 15170.
Or
Buy on decline but not below 15083 with a stop loss of 14980.
2. Sell on the rise near or within the range 15470---15500
with a stop loss of 15530. 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 15125. 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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