Open—16545.25--High—16628.55—Low—16495.40---Close-16614.60
on 17.8.2021.
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 moved up further today and closed
with a gain of 51.55 points. Please
note that it has been moving up for the last 7 straight days so short correction looks imminent and can happen
any time. But it looks good for the continuation of the up move with intermittent
correction and the upside target or resistance points could be 16778---16688---16770---16857---16920---16996---17415---17504---19575---20390,
please
note that moving up the most critical
and tough resistance range would be 16770---16857—16920(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 or earlier also. Similarly
moving down its critical support points are at 16518.60---16475---16404---16365.40---16322(these figures may change). Please note that break below 16518.60(this figure may change) will push it into very short term
correction mode and break below 16365.40
(this figure may change) could push it into deep short term correction mode
and break below 16322 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 which may please e noted.
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 16322 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 moves above 16630 and
maintain for some time or buy on
decline at appropriate point or near 16475
but not below it, however aggressive traders can try long trade on decline at
appropriate points or near 16322 but
not below it. Please note that long trade below 16475 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 moves above 16630 and maintain for some time with a
stop loss of 16590. It is for both the traders. It could be a risky trade.
Or
Buy on decline at appropriate points or near 16475 but not below
it with a stop loss of 16440. It is for both the traders.
Or
Buy on decline at appropriate points or near 16322 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 16660---16680 with a stop loss of 16710. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 16475
and maintain for some time with a stop loss of 16520. It could be a highly risky
trade but worth trying for intraday gain.
Or
Sell if it does not move
above 16630 in first one and half hour of trade even intraday with a stop loss
of 16665. 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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