Open—14493.80--High—14667.55—Low—14484.85---Close-14653.05
on 27.4.2021.
Support:14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.
Resistance: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)
It continued its up move today and
closed with a good gain of 168.05
points. Please note that it is still into deep short term correction mode but
the good thing is that it has bounced back above its long term rising trend
line and also above its short term moving averages which is a very positive
sign. Please note that its long term rising trend line is placed at 14595 for the day and if it hold this
mark on the closing basis then it could further extend gains from here and if
it breaks this level it may resume down move again but will accelerate down
move only below 14454 level,
furthermore its short downtrend line is placed at 14765(this count will reduce every day) for the day and if it moves
above it and sustain on the closing basis then it could accelerate the up move,
which may please be noted, looking at the current setup further rise seems quite
possible as of now.
Critical
Support points are at :--14595---14526.95---14454---14336.34.
Critical
Resistance points are at :--14697.50---14765---14792---14943---15130---15176.
Kindly note that the on-going up move
is a pullback rally and it may exhaust at any of these points or earlier also and most critical point for
the day would be 14765 on the upside and 15595
on the downside and breakout on the either side will give further direction
which way it will move. Please note that as of now bias seems to look positive.
In view of the above observation long
trade can be tried on decline near but not below 14595 or can buy if it moves above 14668 and sustain for some time. 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 if it manages to hold 14595 but not below it
with a stop loss of 14550.
Or
Buy if it moves above 14668 with a stop loss of 14630.
2. Sell on the rise near or
within the range of 14750---14770 with a stop loss of 14800. It could be a
risky trade but worth trying for intraday gain.
Sell if it maintains below
14550 for some time with a stop loss of 14600. 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.
No comments:
Post a Comment
Thank you for sharing your views.