Open-36000.75---High-36233.30--Low—35937.10---Close-36169.35 on 13.8.2021
Support:35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34635.95/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.
Resistance;36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.
(Bold and underlined
figures are most important)
It continued the up day today and
closed with a gain of 232.30 points.
It has crossed its recent top on the line chart which is a positive sign but is
yet to cross it critical mark of 36248,
however there is no price destruction as yet therefore uptrend may continue,
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 early
next week starting from 16.8.2021 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 and one very important
technical indicator has also become positive on the daily chart but on the
weekly chart it is still negative this weekend which is concerning but if it
continues it’s up journey then it may also come into positive territory next
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 36317 and maintain for some time or buy on decline at appropriate
points or near 35797 but not below
it. 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 36317 and maintain for some time with a
stop loss of 36140.It is for both the traders.
Or
Buy on decline at appropriate points or near 35797 but not below
it with a stop loss of 35680.It is for both the 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 36650---36700 with a stop loss of 36800 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.