Open—15655.55--High—15705.10—Low—15611---Close-15690.35
on 3.6.2021.
Support:15629.65/15606.55/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: 15780/15920/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
It gave a good up move today and
closed with a gain of 114.14 points.
Furthermore the technical setup is in all favor of the continuation of the up
move but off course with intermittent down correction and as long as it
sustains above15471 & 15431.75 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, both the
possibilities are there which may be kept in mind. Similarly
moving down its critical support points are at 15574.85---15471---15431.75---& 15338(this
figure can change), sustained break below 15574.85 will give a hint that
it could fall, sustained break below 15471 on the closing basis will signal further
weakness in it, sustained break below 15431.75 will confirm the weakness and
sustained break 15338(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---15111---15084---14977---14906---14884.
It is therefore strongly suggested to be
alert in long trade below 15574.85 and avoid long trade below 15471 and below 15431.75 for sure. The bias as of now is positive.
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 15705 and maintain for some time or can be tried on decline at
appropriate points or near 15606 but
not below it. However aggressive traders can try long trade if it moves above 15705 and maintain for some time or can
try buy on decline at appropriate points but not below 15471. Please note that buying on decline below 15574 could be a risky trade because if
it moves and sustain below it for longer time during the day then it could
correct sharply. Since it has not yet crossed some of its 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 at appropriate points with self defined stop
losses or near 15471 or near 15431 but not below it with a stop loss of 15420. It
is for the aggressive traders and could be a highly risky trade.
Or
Buy if it moves above 15705 and maintain for some time with a
stop loss of 15655. It is for the both traders.
Or
Buy on decline near 15606 but not below it with a stop loss of
15560. It is for both the traders.
2. Sell on the rise near or
within the range of 15790---15820 with a stop loss of 15850. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it does not move
above 15705 in first one and half hour of trade with a stop loss of 15730. It
could be a highly risky trade but worth trying.
Or
Sell if it moves below 15560
and maintain for some time with a stop loss of 15620. It could be a highly 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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