Open-35388.15---High-36219.80--Low—35313---Close-36028.05 on 4.8.2021
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;36248/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.
(Bold and underlined
figures are most important)
It continued the up move today and
closed with a robust gain of 820.60
points. It is out of corrective move and also above its short and medium term
moving averages which is a positive sign. Please note that break below 35723(it may change) will push it into
very short term corrective mode again. Going down it will find good support at 35576---35186---34859.90---34632.60---34525---34410.
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, looking at today’s move it seems that it can happen in
coming days. 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
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 still negative which is concerning but if it
continues it’s up move then it may also come into positive territory this
weekend. So till it happens don’t be fearless but be cautious and careful in
your long trades.
In view of the above observation, long
trade can be tried if it moves above 36248
and maintain for some time or buy on decline near 35723 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 36248 and maintain for some time with a
stop loss of 36000.It is for both the traders.
Or
Buy on decline at appropriate points or near 35723 but not below
it with a stop loss 35600. It is for both the traders and could be a risky
trade.
2. Sell on the rise near or
within the range of 36850---37100 with a stop loss of 37200. It could be a
risky trade but worth trying.
Or
Sell near if it does not
move above 36248 in first one and half hour of trade even intraday with a stop
loss of 36300 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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