Open—14979--High—15044.35—Low—14814.45---Close-14894.90
on 29.4.2021.
Support:14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance:14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.
(Bold and underlined
figures are most important)
It opened with a big up gap and went
further up and hit an intraday high of 15044.35
but could not sustain at upper level and corrected sharply and hit a low of 14814.45
for the day but recovered and closed with a gain of 30.35 points. Please note that it is still into 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 well above its long term rising trend-line and short down trend-line
also, which is hugely positive sign for
the continuation of the up move. Its short term down trend-line and major rising
trend-line is placed at 14700(this figure
will decrease every day) & 14636(this figure will increase every day)
respectively and it will act as a strong
support for it for the day and the other critical support would be at 14833.60. It is important to mention
here that its major downtrend line is placed at 15180(this figure will decrease every day) for the day and the way
it is exhibiting strength it is very much 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. It did showed huge volatility during the
day but looking at the current technical setup further rise seems quite
possible from here as of now but
intermittent down move can happen. I would like to give a
word of caution here that is has been vertically rising for the last few days ,
furthermore if it fails to give an upside breakout from its major downtrend
line in next few days, then it may witness a vertical or moderate fall because weekly technical indicators are still indicating
weakness. So be careful in the long trade at this juncture.
Critical
Support points are at :--14833.60---14700---14636---14588---14454.
Critical
Resistance points are at :--14943---15051---15130---15176---15180.
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 moves above 15176 and sustain on the closing basis . 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 near 14833 but not below it or if it moves above 14915 and sustain above it for some time. However aggressive
traders can try buy on decline at appropriate points or near 14636
but not below it ,here please note that buying below 14700 could be a risky trade
mind you. Since it is still into short term 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 near 14833 but not below it with a stop loss
of 14790. It is for safe and aggressive
traders both.
Or
Buy if it moves above 14915 and maintain for some time with a
stop loss of 14870.
Or
Buy on decline at appropriate points with self defined stop loss
or near 14636 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 15050---15110 with a stop loss of 15130. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it maintains below
14790 for some time with a stop loss of 14840. 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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