Open—15629.65--High—15660.75—Low—15528.30---Close-15574.85
on 1.6.2021.
Support:15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance:15606.35/15660.75/15780/15920/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
It is well above its benchmark point
of 15471 & 15431.75 but it has
mildly corrected today and closed with a small loss of 7.95 points. Technical setup is showing strength, which is good for
the continuation of the up move but with intermittent correction and if it
sustain above 15471 on the closing
basis then it could scale up to 15780---15920---16223---16750---17250---17503---19575---20390
levels, but please note that it
could end the up rally for good at any of these points or earlier also or may
correct at any of these points and then may resume the rally again, which may
be kept in mind. Similarly moving down its critical
points are 15471---15431.75 & 15304.54(this figure can change),
sustained break below 15471 on the closing basis will signal
weakness in it, sustained break below 15431.75 will confirm the weakness and break
below 15304.54(this
figure can change), will push
it into corrective mode and may threaten the uptrend also , which may please be
noted. Moving down other critical support levels will be at 15273---15257---15176---15084---14977---14906---14884.
It is therefore strongly suggested to
avoid long trade below 15471 and
below 15431.75 for sure.
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 if it moves above 15607 and maintain for some time or can buy on decline but not
below 15471. However aggressive
traders can buy if it moves above 15583
and maintain for some time or can buy on decline but not below 15471. Since it has not yet crossed
some critical averages, so short trade can also be tried after
reasonable rise or can be tried on the price breakdown for taking advantage of
the 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 on decline near 15471 but not below it with a stop loss
of 15420. It could be a risky trade.
Or
Buy if it moves above 15607 and maintain for some time with a
stop loss of 15560. It is for the safe traders.
Or
Buy if it moves above 15583 and maintain for some time with a
stop loss of 15540. It is for the aggressive traders.
2. Sell on the rise near or
within the range of 15710---15730 with a stop loss of 15770. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it does not move
above 15607 in first one and half hour of trade with a stop loss of 15640. It
could be a risky trade but worth trying.
Or
Sell if it moves below 15471
and maintain for some time with a stop loss of 15510. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it moves below
15420 and maintain for some time with a stop loss of 15480. 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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