Open—15866.95--High—15901.60—Low—15842.40---Close-15869.20
on 15.6.2021.
Support:15835.55/15780/15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance:15877/15902/
15920/ 15989/16085/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
It continued the up move today and
hit a new all-time high of 15901.60
and closed with a gain of 57.35
points. It is exhibiting robust strength and the technical setup is looking
good for the continuation of the up move off course with intermittent down
correction and as long as it holds 15780
and then 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 15835.55---15780---15635.35---15566.90---15488.55---15471---15431.75. Please note that break below 15780 on the closing basis would be an alert sign for the long
trade, sustained break below 15635 may push it
again 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.
It is well above its first critical
resistance point of 15780 which is a
positive sign. The long term outlook is positive as of now.
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 long
trade can be tried if it moves above 15902
and maintain for some time or can buy on decline at appropriate points or near 15780 but not below it. However
aggressive traders can also try long trade if it maintains above 15870 for some time or can buy on decline
at appropriate points or near 15635
but not below it. Please note that long trade below 15780 could be a slightly risk affair mind you. Since it has not
yet crossed some of its critical 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 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 only and could be a highly risky trade.
Or
Buy if it maintains above 15870 for some time with a stop loss
of 15830. It is for the aggressive traders
Or
Buy if it moves above 15902 and maintain for some time with a
stop loss of 15830.
Or
Buy on decline near 15780 but not below it with a stop loss of
15745.
2. Sell on the rise near or
within the range of 15950---15970 with a stop loss of 16000. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it does not move
above15902 in first hour and half of trade with a stop loss of 15930. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it moves below 15780
and maintain for some time with a stop loss of 15810. 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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