Open—15737.30--High—15821.40—Low—15702.70---Close-15790.45
on 24.6.2021.
Support:15780/15683.35/15678/15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: - 15835.55/15877/15901.60/ 15920/ 15989/16085/16223/16750.
(Bold and underlined
figures are most important)
After two days whip-saw movement it
managed to close shade above its most critical point of 15780 today and made higher top and bottom on the line chart also
which is a positive sign. Furthermore it has bounced back above its short term
moving averages is also a good sign, but most importantly some important technical indicators
are still showing weakness and pointing towards down move may happen in coming
days, which is a very weak indication. However if it sustains above 15780 on the closing basis then it may
continue the up move with intermittent down correction. But sustained break
below 15780 may jeopardize the up
move and finally if it breaks below 15683.35(it
may change) as of now and sustain on the closing basis then down move may
accelerate, which may please be noted.
The long term technical setup is still
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 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 15780---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. The short term setup has improved
as it closed above its critical point of 15780
but it has to be seen in the next 2-3
days whether it will sustain above it or not. 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, for
safe traders long trade can be tried if it holds 15780 and completely avoid long trade below this mark. However
aggressive trader can also try long trade on decline at appropriate points or
near 15683 but not below it. Please
note that long trade below 15780 will be a risky trade and below 15683 could be a highly 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 if it holds the level of 15780 for some time with a stop
loss of 15740. It for both the traders and could be a risky trade.
Or
Buy on decline at appropriate points or near 15683 but not below
it with a stop loss of 15650. It is for the aggressive traders and could be a
highly risky trade.
2. Sell on the rise near or
within the range of 15860---15900 with a stop loss of 15930. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below15780
and maintain for some time with a stop loss of 15810.
Or
Sell if it moves below15683
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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