Open-35825.40---High-35998.15--Low—35702.90---Close-35937.05 on 12.8.2021
Support:35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34635.95/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.
Resistance;35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.
(Bold and underlined
figures are most important)
It had an up day today and closed
with a gain of 130.65 points. It has
made lower bottom on the line chart which is very concerning but there is no
price destruction as yet but please note that break below 35797(it may change) on the closing basis will push it into very
short term corrective mode and going down it will find good support at 35648---35576---35186---34859.90---34632.60---34525---34410---34115---33908.
It is important to mention here that for a steady and strong up momentum, it
has to move above 36248 and sustain
on the closing basis then it could possibly retest its all time high of 37708.75
or may go beyond also. Going up to the level of 37708.75 it will face resistance at 36248---36497---36615---37232---37417
points. It is important to mention here that it has been trying to cross
the critical point of 36248 for the last few days now but failed which
is also concerning. Please note that if it is not able to cross it during this
week or early next week on the closing basis then it may possibly start
drifting down again which may please be noted.
It is important to mention here that
its long term technical setup is good for the uptrend
to continue. The short term outlook has improved drastically and one very
important technical indicator has also become positive on the daily chart but
on the weekly chart it is was still negative last weekend which is concerning
but if it continues it’s up journey then it may also come into positive
territory this weekend and if does not happen then it may start drifting down.
So till it comes into positive mode it is suggested that not to be fearless but
be cautious and careful in your long trades.
In view of the above observation, for
safe traders long trade can be tried if it moves above 36248 and maintain for some time avoid buying on decline for the
day. However aggressive traders can also
buy if it moves above 36040 and
maintain for some time. It is exhibiting some weakness here therefore long
trade in general could be a risky affair at this point of time. 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 36248 and maintain for some time with a
stop loss of 36000.It is for both the traders.
Or
Buy if it moves above 36040 and maintain for some time with a
stop loss of 35900.It is for the aggressive traders and could be a risky trade.
2. Sell if it moves below 35797
and maintain for some time with a stop loss of 35950. It could be a risky trade
but worth trying.
Or
Sell on the rise near or
within the range of 36300---36375 with a stop loss of 36475 It could be a highly
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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Thank you for sharing your views.