Open—15776.90--High—15839.10—Low—15708.75---Close-15721.50
on 30.6.2021.
Support:15698/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: -15780/18835.55/15877/15895.75/15901.60/ 15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It is still below its critical range
of 15780---15920, it did move above 15780 intraday but could not sustain
and finally closed at 15721.50 with
a loss of 26.95 points which is a very
weak sign. Furthermore it is very near to its major rising trend line which is
placed at 15698(it will rise every day)
for 1.7.2021 and near its recent
bottom of 15673.95 on the bar chart,
please note that sustained break below 15698
& 15673.95 on the closing basis could jeopardize the up move and may
drag it down fast which may be kept in mind. However to resume the up move it
has move and sustain above 15780 on
the closing basis and eventually has to close above 15870 as of now then only it
will have enhanced chances of moving up further, else it may move sideways to
downward in coming days. It is important to mention
here that its long term technical setup is still good as of now, therefore as
long as it hold 15471 & 15431.75
on the closing basis there is no major threat to the uptrend. But the short term outlook seems
slightly dicey and pointing that it could drift down if it does not move above 15780 & 15871 on the closing basis in next 3-4 trading sessions.
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, for
safe traders long trade can be tried once it closes above 15780 or 15871 else
avoid. However aggressive trader can
also try long trade if it moves above 15780 and maintain for some time or can
try long trade if it holds 15698 &
15673.95 but not below it. Please note that long trade below 15673 could be a risky trade mind you because
if it remains below it for a longer time during the day then it could move down
sharply. Lastly long trade can be tried on sharp decline in the range of 15471---15431 but not below it with a
stop loss of 15400. Since it has not
yet crossed some of its critical long term averages, therefore short
trade can also be tried after reasonable rise or can be tried on the price
breakdown for taking advantage of the intraday or otherwise 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 if it moves above 15780 and maintain for some time with a
stop loss of 15720. It for the aggressive traders and could be a risky trade.
Or
Buy on decline near 15698 &15673 but not below it with a
stop loss of 15650. It for the aggressive traders and could be a highly risky
trade.
2. Sell on the rise near or
within the range of 15870---15890 with a stop loss of 15930. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below15660
and maintain for some time with a stop loss of 15715. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it does not move
above 15780 in first one and half hour of trade with a stop loss of 15820.
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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