Open—15813.75--High—15914.20—Low—15801---Close-15818.25
on 6.7.2021.
Support:15780/15755.05/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: -18835.55/15877/15895.75/15915.65/ 15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It had wild move today it went near
its all-time high of 15915.65 but
could not cross it and in the late afternoon started moving down and finally
closed near the low of the day with a meager loss of 16.10 points. However, it is still within its critical range of 15780---15920. But it has made lower
top & bottom on the line chart and most importantly it has made quadruple
top in the range of 15895.75---15915.65 on
the bar chart, so this range is very tough resistance now, therefore for smooth
up move it has to move above 15920
and sustain on the closing basis then it could continue the up move and possibly
hit the upside target of 16024---16074---16180---16223 else it may drift
down. Similarly going down it will find critical
support at 15780---15700(it
will change every day) ---15635.95---15566---15450. Please note that sustained
break below 15780 will push it into
very short correction mode, sustained break below 15700 will weaken it further
and sustained break below 15635.95
could accelerate the fall. 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 seems dicey as of now.
In view of the above observation, for
safe trader’s long trade can be tried once it closes above 15870 else avoid. However
aggressive trader can try long trade if it moves above 15840 and maintain for some time or can try long on decline if it
holds 15780 but not below it. Please
note that long trade on decline could be a risky affair for the day. Lastly
long trade can also be tried 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 , 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 15840 and maintain for some time with a
stop loss of 15770. It for the aggressive traders and could be a risky trade.
Or
Buy on decline if it holds 15780 but not below it with a stop
loss of 15750. It for the aggressive traders and could be a highly risky trade.
2. Sell on the rise near or
within the range of 15880---15920 with a stop loss of 15950. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below15750
and maintain for some time with a stop loss of 15820. 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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