Open—14747.35--High—14855.45—Low—14601.70---Close-14631.10
on 30.4.2021.
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 gave a 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 low of the day with a
huge loss of 263.80 points, which is
weak sign. Todays move has shattered the technical setup to some extent as it has broken down the short
downtrend line but it is still holding the major rising trend-line , which still gives
some hope that if it maintains above it then the up move can resume again
because some technical indicators on the daily chart are also positive as of
now. The trend-line for the day is placed at 14660(this figure will increase every day), please note that moving
down it has very good support in the
range of 14624---14550 , furthermore
it is still well above its pullback threshold point of 14454, so even if it remains below the trend-line but hold the
support range of 14624---14550 then
the chances of moving up is still
there else down move may begin again. 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 :--14597---14550---14492---14454---14350---14264---14151.
Critical
Resistance points are at :--14660---14703---14753—14792---14833.61---14943---15051---15130---15176---15185.
Kindly note that the today's down move
was a correction within the pullback range and as long as it holds the 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 support range as mentioned above 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 for
safe traders long trade can only be
tried if it moves and sustain above 14680
for some time else avoid. However aggressive traders can try buying on decline at
appropriate points or near 14550 but
not below it, here please note that buying below 14660 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 appropriarte points or near 14550 but not
below it with a stop loss of 14510. It is for aggressive traders and could be a
highly risky trade.
Or
Buy if it moves above 14680 and maintain for some time with a
stop loss of 14640.
2. Sell on the rise near or
within the range of 14785---14865 with a stop loss of 14890. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it maintains below
14550 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 does not move
above 14660 in first hour of trade with a stop loss of 14690. 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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