Open—15688.25--High—15730.85—Low—15632.75---Close-15689.80
on 9.7.2021.
Support: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: -15780/18835.55/15877/15885.75---15915.65/ 15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It continued the down move today and
closed with a loss of 38.10 points.
It is below its major rising trend-line; below all its short term moving
averages and most importantly one important technical indicator is showing
weakness on the daily and weekly chart, therefore all together it is exhibiting
short term weakness as of now, which could drag it down in coming days. But
please note that it has bed of support in the range of 15673---15431, therefore till it
holds this range there is no fear of sharp decline and it may bounce back also.
But moving up the range of 15780---15920 is very tough and critical and looks
slightly difficult to cross at this point of time. However if it cross 15780 and
sustain on the closing basis then it will gain some strength and 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.
In view of the above observation, for
safe trader’s long trade can only be tried once it closes above 15780 else avoid. However aggressive trader can try long trade if it moves above 15780 and maintain for some time or can
try long on decline at appropriate points in the range of 15673----15566 but not below
it. Please note that in a weak market long trade could be a risky affair mind
you, 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 moves above 15780 and maintain for some time with a
stop loss of 15725. It for the aggressive traders and could be a highly risky
trade.
Or
Buy on decline at appropriate points in the range of 15673---15566
but not below it with a stop loss of 15540. It for the aggressive traders and
could be a highly risky trade.
2. Sell on the rise near or
within the range of 15800---15820 with a stop loss of 15850. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it does not move above
15755 in first one and half hour of trade with a stop loss of 15775. 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 15680. 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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