Open—15692.10--High—15751.25—Low—15648.50---Close-15737.75
on 10.6.2021.
Support:15733.60/15629.65/15606.55/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: 15780/15800.45/15920/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
It bounced back sharply today but
could not close above 15752 point
which is essential to put it back on the steady up move track and to get it
into strong up moment it has to close above 15780 and sustain on the closing basis. Please note that if it does not close above 15752 at least on 11.6.2021 then chances are that it could sharply decline from here.
Therefore till it closes above 15752
it is still into very short corrective mode and todays bounce back just a
relief rally. The long term technical setup is still looking good and it could
resume the up move again once the down move is over 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---15566.90---15471---15431.75---&
15411.27(this figure can change). Please
note that break below 15635.35 could trigger further fall for the
day, sustained break below 15566 could accelerate the fall further, sustained break below 15471
on the closing basis will signal further weakness, sustained break below 15431.75 will
indicate extreme weakness and sustained break 15411.27(this figure can change),
will push it into deep short term corrective mode 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.
I still feel that top may be in place
for the time being till it moves above its recent all-time high of 15800.45 made on 9.6.2021 and down move may extend, so it is strongly suggested to
avoid long trade till it moves above 15800.45
and sustain on the closing basis. However those who wish to take a chance can
try long trade as long as it holds 15471
& 15431.75. The long term bias is positive as of now but the very
short term outlook is weak.
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 only be tried if it closes above 15752 and avoid buy on decline for sure.
However aggressive traders can try long trade if it moves above 15752 and maintain for some time or can
buy on decline at appropriate points but not below 15635. Please note that buying on decline below 15635 could be a risky trade because if
it moves and sustain below it for longer time during the day then it could further
correct sharply. Since it has not yet crossed some of its critical averages and
very short correction is on till it closes above 15752, 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. It is better to avoid long trade till it closes above
15752.
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 is for the aggressive
traders and could be a highly risky trade.
Or
Buy if it moves above 15752 and maintain for some time with a
stop loss of 15710. It is for the aggressive traders and could be a risky trade.
2. Sell on the rise near or
within the range of 15790---15810 with a stop loss of 15830. It could be a highly
risky trade.
Or
Sell if it moves below 15725
and maintain for some time with a stop loss of 15760. It could be a risky trade but worth trying for
intraday gain.
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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