Open—15794--High—15820.80—Low—15744.60---Close-15812.35
on 13.7.2021.
Support:15780/15673.95/15635.95/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: -18835.55/15877/15885.75---15915.65/ 15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It moved up today and closed with a good
gain of 119.75 points. It bounced
back above its short term moving averages and also bounced back above the lower
band of its critical range of 15780---15920
which is a positive sign. But one most important and critical technical
indicator is showing weakness on the daily and weekly chart, which indicates
that it, could drag it down in coming days. But most importantly it has bed of
support in the range of 15673---15606—15566---15471--15431, therefore
till it holds this range there is no fear of sharp decline and it may bounce
back also and it did bounced back today. But moving up the range of 15780---15920 is
a very tough range to cross but it closed above 15780 today and if it remains above it then it will gain strength,
but for the steady and strong up momentum it has to move above 15920
and sustain on the closing basis then it could possibly hit the upside target
points of 16024---16074---16180---16223
or may go beyond. It is important to mention here that its long term
technical setup is still good for the uptrend to
continue , therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the
uptrend. The short term outlook is weak as of now. The above observation
will hold till it gives either side breakout i.e. either above 15920 or below 15431. It is therefore suggested to trade the range of 15920---15431 at appropriate points both
long and short trade till break out happen.
In view of the above observation, for
safe traders long trade can be tried if it moves above 15836 and maintain for some time avoid buy on decline now. However, aggressive trader can also try
buy on decline at appropriate points in the range of 15673----15632 but not below it. Please note that long trade below 15632 could be a risky affair because if
it remains below it for longer time during the day then fall may accelerate.
Please note that buy on decline below 15780
could be a risky affair. So be cautious. Lastly and most importantly long trade
should be attempted on sharp decline in the range of 15471---15431 but not below it with a strict stop loss of 15380. Since it has not yet crossed
some of its critical long term averages and overall short term technical setup
is indicating weakness, 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 maintains above 15840 for some time with a stop
loss of 15770. It for both the traders and could be a risky trade.
Or
Buy on decline at appropriate points in the range of 15673---15632
but not below it with a stop loss of 15600. 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 below 15710
and maintain for some time with a stop loss of 15760. It could be a risky trade
but worth trying for intraday gain.
Or
Sell if it moves below 15632
and maintain for some time with a stop loss of 15700. 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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