Open—15648.30--High—15769.35—Low—15616.75---Close-15691.40
on 17.6.2021.
Support:15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: - 15780/15835.55/15877/15902/ 15920/ 15989/16085/16223/16750.
(Bold and underlined
figures are most important)
It continued the down move today and
closed with a loss of 76.15 points.
Please note that the range for it as of now is between 15780---15606 and breakout on the either side will decide its future
direction till then it will oscillate in the range. Therefore as long as it
holds 15635 & 15606 levels it
could still bounce back but it will resume the steady up move only if it moves
above 15780 and sustain on the
closing basis. Similarly sustained break below 15606 can pull it down sharply. The long term technical setup is
looking good for the up move to continue
as of now but with intermittent down correction and as long as it holds 15471
& 15431.75 levels on the
closing basis, then it could still 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 15635.35---16606.35---15566.90---15488.55---15471---15431.75. Please note that sustained break
below 15635 may push it again into a very short corrective mode, sustained
break below 15566 could
accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short
term corrective mode and sustained break below 15471 & 15431.75 on the
closing basis will deepen the correction further and may threaten the uptrend also,
which may please be noted. Moving down other critical support levels will be at
15374---15273---15257---15176---15111---15084---14977---14906---14884.
The long term outlook is positive as of
now but in light of today’s move the short term bias looks jittery now.
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, it
is suggested to trade the range of 15780—15606
as of now. Please note that long trade below 15635 could be a risky trade mind you because if it moves and
sustain below it for a longer time during the day then it could move down
sharply. Since it has not yet crossed some of its critical long term averages
and broken some short term moving average today, therefore 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 15635 but not below it with a stop loss of 15580. It could be a
highly risky trade.
Or
Buy if it moves above 15780 and maintain for some time with a
stop loss of 15740. It could be a risky trade.
2. Sell on the rise near
15780 with a stop loss of 15810. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it moves below15606
and maintain for some time with a stop loss of 15645.
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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