Open—15026.75--High—15202.35—Low—14980.20---Close-15080.75
on 4.3.2021.
Support: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:15102/15165/15273.15/15305/15325/15369/15431.75/15471/15615/15694/15800/16028/16323/16991.50/17470.
(Bold and underlined
figures are most important)
After yesterdays robust up move it lost steam today and
exhibited wild swing both ways and finally ended the day with a loss of 164.85 points. Please note that this
kind of volatility is not good for a steady up move. 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 closed shade below its 1st
key points and if sustain below it then it could be very short term correction
again and it could last for 3-4 days. Please note that sustained close below 14998.70 &14888.80 can push it again
in the 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 is decisively below its important point of 15239 and shade below its 1st key point of 15083 today and if it does not bounce
above these points in next 2-3
trading sessions then chances are that it can slip into correction mode again and
this time it could be strong in intensity. Going up the critical resistance points are at
15083---15176.50---15204---15239---15273.15---15369---15431.75---15471---15615---15694---15800---16028---16323.
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 in
coming days. Similarly moving down it can find support at 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 is getting jolt from time to time but the long term setup is
still o.k.
In view of the above observation for safe traders it is suggested to
avoid long trade till it closes above 15239
and sustain on the closing basis. However aggressive traders can try long trade
if it moves and maintain above 15115
or on decline but not below 14998. Since it is not giving clear direction therefore
short trade can also 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 moves and maintains above 15115 levels for some
time with a stop loss of 15070. It is for aggressive traders and could be a
risky trade.
Or
Buy on decline but not below 14998 with a stop loss of 14970.
It is for aggressive
traders and could be a highly risky trade.
2. Sell on the rise near or within the range 15240---15273
with a stop loss of 15310. It could be a risky trade but worth trying for
intraday correction.
Or
Sell if it moves and sustain below 14980 for some time with a stop
loss of 15020. 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.