Open—15808.70--High—15877.5—Low—15764.20---Close-15853.95
on 14.7.2021.
Support:15835.55/15780/15673.95/15635.95/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: -15877/15885.75---15915.65/
15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It continued the up move today and
closed with a gain of 41.60 points.
It is within its critical rage 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 has been moving up for the last three days after hitting
recent low of 15632 and now above its lower band of its critical range of 15780---15920. Please note that if it
remains above 15780 on the closing
basis 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 improving but still lightly 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 for
both long and short trade till break out happen. Please note that the upside breakout from 15920 should happen quickly
may be in next 4-5 trading session at the most, but sooner the better and sustain
else it will lose steam and may head downside.
In view of the above observation, for
safe traders long trade can only be tried if it closes above 15920 and sustain avoid buy on decline
now. However, aggressive trader can long
trade if it moves above 15880 and
maintain for some time or can buy on decline at appropriate points or near 15780 but not below it and then in the
range of 15673----15632 but not
below it. Buying on decline below 15780
could be a risky affair. Please note
that long trade below 15632 could be
a very risky affair because if it remains below it for longer time during the
day then fall may accelerate. Last but not the least long trade before the
upside breakout from 15920 could be
dicey and dangerous any way. 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 15880 for some time with a stop
loss of 15840. It for the aggressive traders and could be a risky trade.
Or
Buy on decline at appropriate points or near 15780 and then in
the range of 15673---15632 but not below it with a stop loss of 15730 &15600
respectively. 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 15730
and maintain for some time with a stop loss of 15790. 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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