Open—15840.50--High—15895.75—Low—15752.10---Close-15772.75
on 22.6.2021.
Support:15683.35/15678/15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: - 15780/15835.55/15877/15902/ 15920/ 15989/16085/16223/16750.
(Bold and underlined
figures are most important)
It gave upside breakout from the
range of 15780---15606 during the
day and hit a high of 15895.75
intraday but could not sustain at the upper level and started moving down in
the afternoon and eventually it negated the breakout by closing shade below the
important mark of 15780,which is a
weak indication. Please note that for the steady up move and strong up momentum
it has to close above 15780 and sustain
on the closing basis and then close above 15869.20,
else it may start moving down again. It is important to mention here that some
technical indicators are showing weakness and pointing towards down move in
coming days, provided it does not move up fast from here and clear the above mentioned
points on the closing. Looking at today’s move crossing the critical points of 15780 & 15869.20 do not seem easy,
so watch out and be alert and cautious.
The long term technical setup is still
looking good for the continuation of the
up move 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 15683.35---16606.35---15566.90---15488.55---15471---15431.75. Please note that sustained break
below 15683.35
may push it 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 short term bias still looks dicey
till it moves above 15780 and
sustain on the closing basis. Therefore it is suggested to be extra cautious
and careful in the long trade at this point of time.
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 till either side breakout happens on the closing basis. But for
highly safe traders it is strongly suggested to trade long only once it closes
above 15780 and sustain. Please note that long trade below 15683 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,
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 near 15683 but not below it with a stop loss
of 15650. It could be a risky trade.
Or
Buy on decline near 15606 but not below it with a stop loss
15560. 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 is for the aggressive traders and could be a risky
trade.
2. Sell on the rise near or
within the range of 15870---15900 with a stop loss of 15940. It could be a risky
trade but worth trying for intraday gain.
Or
Sell if it moves below15683
and maintain for some time with a stop loss of 15730.
Or
Sell if it moves
below15606 and maintain for some time with a stop loss of 15640.
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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