Open—15211.35--High—15256.25—Low—15145.45---Close-15197
on 24.5.2021.
Support: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:15257.10/15273.15/15336.30/15431.75/15471.
(Bold and underlined
figures are most important)
It moved in a short range today and
closed just few points above its most important and critical level of 15176.50. The technical setup is strong
for the continuation of the up move, but please notes that the range of 15176.50---15471 is very tough range
and it seems difficult to cross. However if it moves above 15471 and sustain on the closing basis then it will open an upside range
of 16750---17250, similarly if it
moves below 15176.50 and sustain on
the closing basis then on-going up move may end and it may open moderate to big
downside. So it is critically poised now, therefore it is important to mention
here that some technical indicators on the weekly chart are pointing that it could
turn weak in coming days, so one should be alert and vigilant particularly in
the long trade at this point of time. The bias is up as of now.
In view of the above observation for
safe trader’s long trade can only be tried if moves above 15471 and sustain on the closing basis therefore a big no for long
trade at this point of time. However aggressive traders can try long trade if
it holds 15190 levels or can buy on
decline at appropriate points but not below 15080. Please note that long trade could be a risky affair at this
juncture particularly buying on decline. Since it is critical zone 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 at appropriate points with self defined short stop loss
or near 15080 but not below it with a stop loss of 15040. It is for aggressive
traders and could be a risky trade.
Or
Buy if it holds 15190 levels with a stop loss of 15140. It is
for aggressive traders and could be a risky trade.
2. Sell on the rise near or
within the range of 15280---15310 with a stop loss of 15350. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 15140
and maintain for some time with a stop loss of 15200. 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.