Open—15839.35--High—15870.80—Low—15772.30---Close-15863
on 25.6.2021.
Support:18835.55/15780/15673.95//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: -15877/15895.75/15901.60/
15920/ 15989/16085/16223/16750.
(Bold and underlined
figures are most important)
It managed to hold its critical point
of 15780 and consolidated today and
closed with a gain of 72.55 points,
which is a good sign for the up move to continue. Therefore as long as it holds 15780 on the closing basis the up journey
will continue with intermittent down correction. Moving up the next potential
resistance or target points will be at 15902---15920---16024---16074---16180---16223. Please note that sustained break below
15780 may jeopardize the up
move and sustained break below 15673.95 could push it into very short
corrective mode. It is important to mention here that its long term technical
setup is very good as of now, therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat
to the uptrend. The long and short term bias is positive as of now. Kindly note
that it is looking fine technically for the up move, but with every up move the valuation of the constituent stocks are also
getting stretched , so be careful and cautious in the long trade because there
is a possibility that this up move may exhaust also at any of the above
mentioned points or earlier also.
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 15902 and sustain for some time or can try on decline but not below
15780. However aggressive trader can
also try long trade if it moves above 15871
and maintain for some time or can try on decline at appropriate points or near 15673 but not below it. Please note
that long trade below 15780 could be
a risky trade and below 15673 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. Lastly long trade can
be tried on decline in the range of 15471---15431
but not below it with a stop loss of 15380.
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 intraday or otherwise 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 moves above 15871 and maintain for some time with a
stop loss of 15840. It for the aggressive traders and could be a risky trade.
Or
Buy if it moves above 15902 and maintain for some time with a
stop loss of 15850. It is for both the traders.
Or
Buy on decline near 15780 but not below it with a stop loss of 15750.
It is for both the traders.
Or
Buy on decline at appropriate points or near 15673 but not below
it with a stop loss of 15640. It is for the aggressive traders and could be a
highly risky trade.
2. Sell on the rise near or
within the range of 15920---15940 with a stop loss of 15970. 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 15820.
Or
Sell if it moves below15673
and maintain for some time with a stop loss of 15720.
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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