Open—14710.50--High—14890.25—Low—14694.95---Close-14864.55
on 28.4.2021.
Support:14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance:14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.
(Bold and underlined
figures are most important)
It continued the upsurge for the 3rd strait day and closed
with a robust gain of 211.50 points.
Please note that it is still into deep short term correction mode but it is improving
on the technical chart as it is well above its short ,medium and long term
averages and above it long term rising
trend-line also and today it has given upside breakout from its short down trend-line
all these developments are hugely positive sign for the continuation of the up
move. Its short term down trend-line and major rising trend-line is placed at 14727(this figure will decrease every day)
& 14620(this figure will increase every day) respectively and it will
act as a strong support for it for the day. Please get alert in long trade
below 14727 and exit trade if it
indicates to close below 14620. It
is important to mention here that its major downtrend line is placed at 15185(this figure will decrease every day)
for the day and the way it is exhibiting strength it is very likely at this
point of time that it may give an upside breakout from this line in coming days and if it does and sustain above it then it may head for a big rise which may please
be noted. Looking at the current technical setup further rise seems quite
possible from here as of now but
intermittent down move also may happen. I
would like to give a word of caution here that is has been vertically rising
for the last three days ,so be alert also, it may have a vertical fall too
because weekly technical indicators are still indicating weakness. So be
careful in the long trade at this juncture.
Critical
Support points are at :--14727---14620---14588---14454.
Critical
Resistance points are at :--14943---15130---15176---15185.
Kindly note that the on-going up move
is a pullback rally and it may exhaust at any of these points or earlier also but the way it is showing
strength and if it continues like this for few days then it could resume the
strong up momentum again provided it clears the hurdle mentioned above . Please
note that from here bias seems moderately positive as of now.
In view of the above observation for safe traders long trade can be tried on
decline at appropriate points or near 14727 but not below it or can buy if it moves above 14891 and sustain for some time.
However aggressive traders can buy on decline near 14620 but not below it but this could be a risky trade mind you. Since
it is still into deep corrective mode
therefore short trade can also be tried on the reasonable
rise or can be tried on the price
breakdown for taking advantage of the down move
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 14727 but not
below it with a stop loss of 14680. It is for safe and aggressive traders both.
Or
Buy if it moves above 14891 and maintain for some time with a
stop loss of 14850.
Or
Buy on decline at appropriate points or near 14620 but not below
it with a stop loss of 14590. It is for aggressive traders and could be a risky
trade.
2. Sell on the rise near or
within the range of 15000---15050 with a stop loss of 15080. It could be a
risky trade but worth trying for intraday gain.
Sell if it maintains below
14590 for some time with a stop loss of 14640. It could be a risky trade but worth trying for intraday gain.
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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