Open-33112.40--High-33455.25--Low—32663.40--Close-32781.80 on 30.4.2021
Support:32613.10/32465.45/32415.15/32347.20/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.
Resistance;32842.30/33306.80/33371/33625/33990.80/34287/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.
(Bold and underlined figures are most important)
It gave a severe jolt to the on-going
up move with a sharp down move today,
which was somewhat anticipated and I cautioned you also about it because it
happens in the pullback rallies and finally it closed near the lower end of the
day with a huge loss of 932.69
points. Todays move has shattered the technical setup to some extent and it has slipped into medium
term correction mode again, which is a weak sign, but it is still well above its short downtrend
line and above its major key points of 32613.10
& 32465.45 for the year and well above its pullback threshold point of 32130, which still gives some hope that
if it maintains above these points then it can resume the up move again,
because some technical indicators on the daily chart are also positive as of
now. But sustained break below the aforesaid mentioned points can begin the
down move again. It is important to mention here that its long term downtrend
line is placed at 34170 (this figure will decrease every day) for
the day and sustained upside breakout from this line will
ensure strong up momentum, so the range for now is 32613.10---34170. Therefore
it is suggested to trade the range till either side breakout happens.It seems
that it is at the make or break juncture at this point of time ,therefore one
has to be very careful in their trades, particularly in the long trades.
Critical
Support points are at :32613.10---32465---32346---32130---31889---31606---31297---31264.
Critical
Resistance points are at :--32804---33195.43—33371---33625----34057---34170---34287---34919---35430---35985---36248.
Kindly note that the todays down move
was a correction within the pullback range and as long as it holds the pullback
threshold point of 32130 chances of
up move shall reamin ,but I caution you here that long trade below the key
points of 32613.10 & 32465.45 could
be a highly risky proposition which may please be noted. Please note that from
here bias seems mixed but with a slight tilt towards downside. It is important to mention here that technical
indicators on the weekly chart are giving indication that major fall cannot be
ruled out in coming days if these indicators does not improve fast.
In view of the above observation long trade can be tried on decline if it holds
the range of 32613.10 & 32465.45
but not below it or if it moves above 33371 and sustain for some time.
However aggressive traders can buy on decline at appropriate points or near 32130 but not below it, but this could
be a highly risky trade mind you. Since
it has slipped into medium term corrective mode today therefore short
trade can also be tried after 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 32613.10 & 32465.45
but not below it with a stop loss of 32350.
Or
Buy if it moves above 33371 and maintain for some time with a stop loss of 33200.
Or
Buy on decline near 32130 but not below it with a stop loss of
32000.It is for aggressive traders and could be a highly risky trade.
2. Sell on the rise near or
within the range of 33375---33475 with a stop loss of 33575. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 32465
and maintai for some time with a stop
loss of 32665. 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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