Open—16288.95--High—16349.45—Low—16210.30---Close-16294.60
on 5.8.2021.
Support:16240/16223/16180/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16320/16397/16583/16631/16690/17360/17503/19575/20390.
(Bold and underlined
figures are most important)
The up move continued and it closed
with a small gain of 35.80 points. It
could further move up to 16330---16408---16584---16631---16690---16750, please
note that moving up the range of 16330—16408 would be a
very tough resistance range and it could correct in this range, so be vigilant
and alert in this range. Please note that break below 16152(it may change) could push it into very short term correction
mode, but as long as it holds 15962.25
level there is no major threat to the uptrend. Similarly moving down it will
find support at 16245---16223---16135---16085---16074---16024---15962.25,
but
sustained break below 15962.25 may accelerate the fall.
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 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, long
trade can be tried if it moves above 16350
and maintain for some time or on decline at appropriate points or near 16152 and then near 15962.25 but not below it. It is in strong up move but even then short
trade can also be tried after reasonable rise or can be tried on the price
breakdown for taking advantage of the intraday gains.
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 16350 and maintain for some time with a
stop loss of 16280. It is for both the traders.
Or
Buy on decline at appropriate points or near 16152 and then near
15962 but not below it with a stop loss of 16125 &15900 respectively. It is
for both the traders and could be a risky trade.
2. Sell on the rise near or
within the range of 16410---16430 for some time with a stop loss of 16450. It
could be a risky trade but worth trying for intraday gain.
Or
Sell near if it does not move
above 16350 in first one and half hour of trade even intraday with a stop loss
of 16380 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.