Open—15807.50--High—15835.90—Low—15724.05---Close-15748.45
on 29.6.2021.
Support:/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: -15780/18835.55/15877/15895.75/15901.60/ 15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It continued down move today and
closed with a loss of 66.25 points.
It gave downside break from its present range of 15780---15920 and is also below its next critical support of 15760 (it can change) which is a weak sign. Its most critical support is
at 15673.95 and lastly and most
importantly it is very near from its major rising trend line which is placed at
15660(it will scale up every day) for
30.6.2021. Please note that break
below 15673.95 and finally below 15660 on the closing basis could
jeopardize the up move and if it sustain below it then it can go down sharply.
Please note that to resume the up move it has move and sustain above 15780 on the closing basis and eventually
to close above 15870 then only it
will have enhanced chances of moving up further, else it may move sideways to
downward in coming days. It is important to mention
here that its long term technical setup is still 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. Kindly note that
it is looking fine technically for the up move to continue, but with every rise
in it 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 time soon.
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 once it closes above 15871 or if it moves above 15780
and maintain for some, avoid buy on decline.
However aggressive trader can also try long trade on decline at appropriate
points or near 15673 but not below it.
Please note that long trade below 15673 could
be a risky trade mind you because if it remains below it for a longer time
during the day then it could move down sharply. Lastly long trade can be tried
on sharp 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 15780 and maintain for some time with a
stop loss of 15720. It for both the traders and could be a risky trade.
Or
Buy on decline near 15673 but not below it with a stop loss of
15630. It for the aggressive traders and could be a highly risky trade.
2. Sell on the rise near or
within the range of 15895---15920 with a stop loss of 15940. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below15660
and maintain for some time with a stop loss of 15730. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it does not move
above 15836 in first one and half hour of trade with a stop loss of 15875.
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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