Open—15437.75--High—15606.35—Low—15374---Close-15582.80
on 31.5.2021.
Support:15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance:15606.35/15780/15920/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
It crossed its most critical point of
15471 today and if it sustains above
it on the closing basis then there could a very big upside ahead in coming days
and it could move up to 15780---15920---16223---16750---17250---17503---19575---20390
levels, but please
note that it could end the up rally for good at any of these points or earlier
also or may correct at any of these points and then may resume the rally again.
Similarly moving down its
critical points are 15471---15431.75 & 15263(this figure can change),
sustained break below 15471 on the closing basis will signal
weakness in it, sustained break below 15431.75 will confirm the weakness and break
below 15263(this
figure can change), will push
it into corrective mode and may threaten the uptrend also , which may please be
noted. It is therefore strongly suggested to avoid long trade below 15471 and below 15431.75 for sure.
It is
important to mention here that technically this on-going uptrend is showing
enough strength and looking good for the continuation of the up move but this
up rally is not in sync with the fundamentals and you are well aware that it is
the fundamentals which eventually hold the Priceline. Therefore this on-going
up rally may deceive you at any point of time, so be alert and careful in long
trade henceforth.
In view of the above observation long
trade can be tried if it moves above 15607
and maintain for some time or can buy on decline but not below 15471. Please note that it has been
rising continuously for the last seven days, so it could correct any time,
therefore buy on decline could be a risky trade for the day. Since it had straight
rise therefore chances of corrective move looks quite imminent, so short
trade can also be tried after reasonable rise or can be tried on the price
breakdown for taking advantage of the corrective 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 15471 but not below it with a stop loss
of 15420. It could be a risky trade for the day.
Or
Buy if it moves above 15607 and maintain for some time with a stop
loss of 15570. It could be a risky trade at this point of time.
2. Sell on the rise near or
within the range of 15740---15780 with a stop loss of 15810. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it does not move
above 15607 in first one and half hour of trade with a stop loss of 15640. It
could be a risky trade but worth trying.
Or
Sell if it moves below 15471
and maintain for some time with a stop loss of 15510. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it moves below 15420
and maintain for some time with a stop loss of 15480. 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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