Open—14326.30--High—14461.15—Low—14273.20---Close-14341.35
on 23.4.2021.
Support:14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.
Resistance:14350.10/14459.50/14467.75/14484.12/14653.35/14753.55/14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.
(Bold and underlined
figures are most important)
After decent recovery on 22.4.2021 , today it ended the day with a meager loss of 64.80 points. It is still into deep
short term correction mode and below
major rising trend line therefore the overall technical setup is weak but some very
short term technical parameters and technical indicators are pointing that it may
give some rise from here,before it resume down move again,which may please be
noted. 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 15131.35---14998.70---14888.80---14336.34---13562.48---12430.50(except
for 12430.50 other figures can change). It is way below its first 3 key point’s of15131.35---14998.70 &14888.80 for the last so many days, therefore
it is already into deep short term correction mode and it seems that it will
last long. Please note that sustained break below 14336.34 on the closing basis can push it into medium term correction mode which 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 continues to be in deep short term
correction mode for quite some time now. Please note that its overall technical
setup still looks weak, but some very short term technical parameters and technical indicators are showing little sign
of improvement , so a rise form here cannot be ruled out before it resume the
down move again, provided it holds its two tier critical support range of 14264---14222.80---14151.40
and then 14024---13981.75---13897
, please note that sustained break below the above mentioned range on the
closing basis could trigger an accellerated fall. Similarly moving up its very
critical resistance range would be
between 14454---14537---14589---14640---14698---14888.80---14943---,
if it moves and closes above 14454 then it could give moderate to reasonable up
move and if it moves and sustain above 14589 on the closing basis then it could extend
the up move further, which may please be noted. Please note that if it remains
below the above mentioned support range on
the closing basis then it is very
likely to hit 13700---13600
levels or much below it on the downside in coming days,as of now it is likely
to happen.
In view of the above observation, it is into deep
short term correction mode, but some short term tercnical parameters and
indicatorts are showing sign of little improvement, therefore long trade can be
tried on decline at appropriate points or near but not below14151 and then within the range of 14024—13897 but not below it or buy if
it moves and sustain above 14454 for
some time. Please note that long trade
in deep short term corrective mode could be a very risky proposition,
particulary buying on decline, but since there is some chance of an up from
here at this point of time ,so one can try. Since it is into deep corrective
mode and broken major rising trend line therefore it is suggested to try sell trade
on the reasonable rise or sell on the
price breakdown for taking advantage of the down move till clarity on
correction completion emerges.
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(Suggested)
1. Buy on decline at appropriate points or near 14151 but not below it with a stop
loss of 14130. It could be a higly risky trade.
Or
Buy on decline within the
range of 14024---13897 but not below it
with a stop loss of 13870. It could be a higly risky
trade.
Or
Buy if it moves and sustain above 14454 for some time with a
stop loss of 14415. It could be a risky trade.
2. Sell on the rise near or
within the range of 14480---14550 with a stop loss of 14600. It could be a
risky trade but worth trying for intraday gain in weak market.
Or
Sell if it maintains below
14151 for some time with a stop loss of 14200. It could be a risky trade but worth trying for intraday gain in weak
market.
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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