Open—16518.40--High—16589.40—Low—16480.75---Close-16563.05
on 16.8.2021.
Support:16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16677/16688/16996/17415/17504/19575/20390.
(Bold and underlined
figures are most important)
It consolidated and moved up today
also and closed with a gain of 33.95
points. It looks good for the continuation of the up move and the upside target
or resistance points could be 16688---16740---16821---16885---16996---17415---17504---19575---20390,
please
note that moving up the most critical
and tough resistance range would be 16753---16838—16900(figures will change every day)
so please be careful in this range it may correct
here before moving up further or it may top out in this range also. Similarly
moving down its critical support points are at 16488.60---16465---16392---16335.50---16312(these figures may change) and please note that break below 16335.50(it may change) could push it into very short term
correction mode and break below 16312
may weaken it further, but as long as it holds 15962.25 level there is no major threat to the long term uptrend. The
other support points will be at 16223---16162---16133---16084---15962.25, 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 is also strong; furthermore one very
important technical indicator has also become positive on the daily and weekly chart
which is an extremely positive sign. Therefore further rise is ahead in coming
days with intermittent corrections. It is a buy on dip market now but one
should be cautious if it breaks 16312 and
sustain on the closing basis. The bias is bullish as of now.
In view of the above observation,
long trade can be tried if it hold 16543.60 for some time or
buy on decline at appropriate point or near 16465 but not below it, however aggressive traders can try long
trade on decline at appropriate points or near 16312 but not below it. Please note that long trade below 16465 could be a risky affair for the
day. It is in strong up move but still below
some of its very 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 holds 16543.60 for some time with a stop loss of 16500.
It is for both the traders. It could be a risky trade.
Or
Buy on decline at appropriate points or near 16465 but not below
it with a stop loss of 16425. It is for both the traders.
Or
Buy on decline at appropriate points or near 16312 but not below
it with a stop loss of 16275. It is for the aggressive traders and could be a
highly risky trade.
2. Sell on the rise near or
within the range of 16640---16660 with a stop loss of 16700. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 16465
and maintain for some time with a stop loss of 16500. 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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