Open—16561.40--High—16647.10—Low—16495.30---Close-16624.60
on 24.8.2021.
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 continued it’s up move today and closed
with a gain of 128.15
points. Please note that it is out of corrective mode now as it closed above the
threshold point of 16575 which is a positive sign and if it moves
above 16637
and sustain on the closing basis then it could retest its all-time high of 16701.85
or may go beyond also. But moving up the critical resistance points will be at 16701.85---16821---16912---16980(last
three figures will change every day). It seems tough to cross this range as
of now, however if it moves above 16980 and sustain on the closing basis then very
strong up momentum may begin. Similarly break below 16575 can push it back again
into very short term correction mode and moving down its critical support
points would be 16501---16428---16421.40---16349(figures
may change) break below 16501 will weaken it, sustained break below 16421.40
will push it into deep short term correction mode and sustained break below 16349(figure
will change every day) on the closing basis may drag it down fast and may
put the on-going up move in potential danger which may please be noted.
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. It has came out of correction mode, so the short term technical
outlook is also good as of now, therefore further rise may be ahead in coming
days with intermittent corrections provided it moves above 16637 and sustain and holds 16349(it
can change) on downside on the
closing basis. The bias is positive as of now.
In view of the above observation, long
trade can be tried if it moves above 15637
and maintain for some time or buy on decline near 16575 but not below it for safe traders. However aggressive traders
can also try long trade on decline at appropriate points or near 16450 but not below it. Since it is
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 16637 and maintain for some time with a
stop loss of 16580. It is for both the traders.
Or
Buy on decline or if it holds 16575 levels but not below it with
a stop loss of 16530. It is for both the traders.
Or
Buy on decline at appropriate points or near 16450 but not below
it with a stop loss of 16400. It is for the aggressive traders. It could be a highly
risky trade.
2. Sell on the rise near or
within the range of 16675---16700 with a stop loss of 16730. 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.
No comments:
Post a Comment
Thank you for sharing your views.