Open-36367.40---High-36552.80--Low—36216.20---Close-36424.60 on 31.8.2021
Support:36248/35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.
Resistance;36455.15/36497/36553/36615/37100/37232/37708.75/39010/39695/.
(Bold and underlined
figures are most important)
It moved in a short range today and
closed with a small gain of 76.95
points. It is holding its critical point of 36248 which is a positive sign and if it sustains above it on the
closing basis then it could possibly retest its all time high of 37708.75
or may go beyond it also. Going up to the level of 37708.75 it will face resistance at 36497---36553---36625---36724---36810---37100---37244---37417
points. Similarly moving down its critical support points would be at 36248---36143---36105---35928 (figures may
change), but it is suggested to avoid long trade below 36248. Please note that break
below 36248
would be an alert sign for long trade, break below 36143
will push it into very short term correction mode and sustained break
below 35928
on the closing basis will push it into deep short term correction mode, which
may accelerate the fall.
It is important to mention here that
its long term technical setup is still good for the
uptrend to continue till it holds 34728(figure will change
every day) on the closing basis. The short
term technical setup has improved as it is holding above its critical point of 36248. Furthermore one very important technical indicator has also
turned positive today on the daily chart but still weak on the weekly charts,
however if it continues to move up it may turn positive this weekend, so watch
out. The short term bias now looks positive as long as it holds 36248 marks on the closing basis.
In view of the above observation,
long trade can be tried if it moves above 36555
and maintain for some time or buy on decline near 36248 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 36553 and maintain for some time with a
stop loss of 36360.It is for both the traders.
Or
Buy on decline at appropriate points or near 36248 but not below
it with a stop loss of 36050. It is for both the traders.
2. Sell if it moves below 36143
and maintain for some time with a stop loss of 36270. It could be a risky trade
but worth trying for intraday gains.
Or
Sell if it does not move
above 36553 in first one and half hour of trade even intraday with a stop loss
of 36640. It could be a highly risky trade but worth trying for intraday gain.
Or
Sell on the rise near or
within the range of 37000---37100 with a stop loss of 37200. 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.