Open—14449.45--High—14557.50—Low—14421.30---Close-14485
on 26.4.2021.
Support:14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.
Resistance:14565/14653.35/14753.55/14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.
(Bold and underlined
figures are most important)
As expected it did gave a good rise
and closed with a gain of 143.65
points. Please note that it is still into deep short term correction mode and
below its long term rising trend line, but as long as it holds 14454 on the closing basis then it may
continue with the up move and if it moves above 14565(it will move up every day) which is the trend line point for
the day and sustains above it then it may extend gains. In
this context please note that the trend line point would be rising every day. Similarly
sustained break below 14454 on the
closing basis will resume the down move again which may please be noted. The other
observation will remain same as mentioned in the post for 26.4.2021.
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 if it manages to hold 14454 but not below it with a stop
loss of 14410. It could be a higly risky trade.
2. Sell on the rise near or
within the range of 14530---14565 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
14420 for some time with a stop loss of 14460. 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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Thank you for sharing your views.