Open—15421.20--High—15469.65—Low—15394.75---Close-15435.65
on 28.5.2021.
Support:15431.75/15336.30/15273.15/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: 15471/15780/15920/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
It has been exhibiting good strength
and continuously rising for the last six days and made a new all-time high of 15469.65 but has not yet crossed its
most critical point of 15471.
However, even if it crosses this mark it has to sustain above it on the closing
basis to give further steady rise. Therefore 15471 is the benchmark point now for up move and sustained close
above it could take it to 15780---15920---16223---16750---17250---17503---19575---20390
levels, please note that it could end the up rally for good or may correct at
any of these points or earlier then may resume the rally again, but if it moves
below 15431.75 and sustain on the
closing basis then that it will be a threat to the on-going up move. Therefore
moving down 15431.75 is the key
point and sustained break below 15176
& 15158.40(this figure can change) levels may trigger moderate to big
downside which may please be noted. Moving down other support points would be
at 15273---15137---15044---14977---14906---14884.90,
break below 14884.90 will accelerate
the fall. Therefore avoid long trade
below 15471 for sure and be alert in
long trade below 15431.75 and avoid
long trade completely below 15176 &
15158.40. It is important to mention here that some technical indicators on
the weekly chart are improving but it is still weak which is pointing that it
could trigger down move if it does not become positive in coming weeks, 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 for safe traders at this point of time. However aggressive traders can try
long trade if it moves above 15471 and
maintain for some time or can try if it holds 15431.75 marks or can buy on decline at appropriate points but not
below 15176. 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 on decline at appropriate points with self defined short
stop loss or near 15176 but not below it with a stop loss of 15140. It is for
aggressive traders and could be a highly risky trade.
Or
Buy if it holds above 15431.75 levels for some time with a stop
loss of 15385. It is for aggressive traders and could be a risky trade.
Or
Buy if it moves above 15471 and maintain for some time with a
stop loss of 15420. It is for aggressive traders and could be a risky trade.
2. Sell on the rise near or
within the range of 15540---15560 with a stop loss of 15585. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 15385
and maintain for some time with a stop loss of 15440. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it does not move
above 15471 in first one hour of trade with a stop loss of 15485. 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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