Open—16592.25--High—16592.50—Low—16395.70---Close-16496.45
on 23.8.2021.
Support:16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16677/16688/16701.85/17415/17504/19575/20390.
(Bold and underlined
figures are most important)
It is still into very short
correction mode but staged a relief rally today and closed with a gain of 45.95 points.
Please note that as long as it holds 16453 levels there is a chance that it could up
move but it will get out of correction
mode once it closes above 16575 and sustained
close above 16637 may resume the up
move and take it its all-time high of 16701.85
or beyond. Please note that moving down its critical support points would be at
16495---16453---16421.40---16343,
sustained break below 16421.40 on the closing basis will push it
into deep short term correction mode and sustained break below 16343(figure
will change every day) may drag it down fast and may put the on-going up
move in potential danger which may please be noted. Therefore moving down the
important benchmark points are 16421.40 & 16343(figure can change) and
moving up the critical resistance and benchmark points are at 16495---16574.60---16637 and thereafter 16701.85---16805---16895---16960(last three figures
will change every day). The steady and strong up momentum from here now seems
an uphill task but it can still make an effort to continue the up move if it
moves above 16637 and sustain on the closing basis, but the fast and very
strong up momentum will begin once it moves above 16960(it will change every day) and
sustain on the closing basis, but the up journey from here will be very tough
till it crosses 16960.
It is important to mention here that on the downside as long as it holds 15962.25
levels on the closing basis there is no major threat
to the long term uptrend as of now.
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. The down move was a normal correction as of now and it
gave a small pullback rally today , short term outlook is still o.k. as of now,
therefore further rise may be ahead in coming days with intermittent
corrections provided it moves above 16637
and sustain and holds 16343(it can
change) on the downside on the closing basis.
In view of the above observation, since
it is in correction mode long trade in general should be avoided by the safe
traders and they can only try long trade if it moves and closes above 16637.However aggressive traders can
try long trade if it holds 16450 or
if it moves above16593 and maintain
for some time or can buy on decline at appropriate points or near 16343 but not below it. Please note
that long trade below 16450 could be
a risky affair for the day. It is in corrective mode and 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 16593 and maintain for some time with a
stop loss of 16540. It is for the aggressive traders and could be a risky
trade.
Or
Buy if it holds the level of 16453 with a stop loss of 16410. It
is for the aggressive traders and could be a risky trade.
Or
Buy on decline at appropriate points or near 16343 but not below
it with a stop loss of 16260. It is for the aggressive traders. It could be a highly
risky trade.
2. Sell on the rise near or
within the range of 16600---16640 with a stop loss of 16660. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 16421
or below 16376 and maintain for some time with a stop loss of 16460 & 16430.
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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