Open—16303.65--High—16375.50—Low—16286.90---Close-16364.40
on 12.8.2021.
Support:16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16371/16446/16583/16631/16690/17360/17503/19575/20390.
(Bold and underlined
figures are most important)
It had an up move today and closed
with a gain of 82.15 points. It looks
good for the continuation of the up move with intermittent correction and the
upside target or resistance points could be 16371---16446---16584---16631---16690---16750, please
note that moving up the range of 16289—16371---16446
would be a very tough resistance range and it could correct in this range,
therefore it seems that it will be tough to cross this range, so be vigilant
and alert in this range. Please note that break below 16172(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 16289---16223---16172---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 and one very important
technical indicator has also become positive on the daily chart but on the
weekly chart it 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 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 trades long trade can be tried if it moves above 16376 and maintain for
some time or on decline near 16289
but not below it. However aggressive traders can try buying on decline near 16238 or near 16172 but not below it. Please note that buying below 16238 could be a risky affair. It is in
strong up move but still below 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
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 16376 and maintain for some time with a
stop loss of 16340. It is for both the traders. It could be a risky trade.
Or
Buy on decline near 16289 but not below it with a stop loss of
16260. It is for both the traders.
Or
Buy on decline near 16238 and then near 16172 but not below it
with a stop loss of 16200 and 16140 respectively. It is for the aggressive
traders and could be a risky trade.
2. Sell on the rise near or
within the range of 16425---16450 for some time with a stop loss of 16475. It
could be a risky trade but worth trying for intraday gain.
Or
Sell if it moves below 16238
and maintain for some time with a stop loss of 16290. It could be a highly risky
trade but worth trying for intraday gain.
Or
Sell if it moves below 16172
and maintain for some time with a stop loss of 16260. 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.