Open—14481.05--High—14673.85—Low—14416.25---Close-14634.15
on 3.5.2021.
Support:14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance:14653.35/14753.55/14883.20/14888.80/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.
(Bold and underlined
figures are most important)
It opened with a huge down gap and
went down further but recovered late in the afternoon and ended the day flat but
on a positive note. It is still into deep short term correction mode and below
its long term rising trend-line which is a weak sign. The trend-line for the
day is placed at 14693(this figure will
increase every day), please note that moving down it has very good support in the range of 14624---14564.50 , furthermore it is still
well above its long term pullback threshold point of 14454, so even if it remains below the trend-line but hold the
support range of 14624---14564.50 and
finally hold 14454 level, then the chances of moving up is still there, but sustained break below 14454 on the closing may trigger the fresh down move again.
Critical
Support points are at :--14597---14564.50---14492---14454---14350---14264---14151.
Critical
Resistance points are at :--14656---14693---14730---14753—14804---14896---14919---14943---15051---15130---15176.
Kindly note that the on-going down
move is a correction within the pullback range and as long as it holds the long
term pullback threshold point of 14454
chances of up move shall remain ,but I caution you here that long trade below
the trend-line support and below 14454
levels could be a highly risky proposition which may please be noted. Please
note that from here bias seems mixed 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 for
safe traders long trade can only be
tried if it moves and sustain above 14693
for some time else avoid. However aggressive traders can try buying on decline at
appropriate points or near 14454 but
not below it, here please note that buying below 14693 could be a risky trade mind you. Since it is still into short
term corrective mode therefore short trade can also be tried after
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 with self defined stop
losses or buy near 14454 but not below it with a stop loss of 14410. It is for
aggressive traders and could be a highly risky trade.
Or
Buy if it moves above 14693 and maintain for some time with a
stop loss of 14630.
2. Sell on the rise near or
within the range of 14753---14810 with a stop loss of 14840. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves and maintains
below 14564 for some time with a stop loss of 14600. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it moves and
maintain below 14410 with a stop loss of 14460. It could be a risky trade but
worth trying for intraday gain.
Or
Sell if it does not move
above 14695 in first one hour of trade with a stop loss of 14725. 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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