Open—16642.55--High—16722.05—Low—16565.20---Close-16705.20
on 27.8.2021.
Support:16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16722.05/16790/16826/16903/17229/17415/17504/17756/19575/20390.
(Bold and underlined
figures are most important)
It is exhibiting good strength and
continued it’s up move today also and closed with a gain of 68.30
points. It could move up further from here as long as it holds its critical
support points of 16640.40---16590---16523---16454---16436.80---16377(figures
may change) break below 16640.40
can push it into very short term correction mode, sustained break below 16590
will weaken it further and break below 16436.80 will push it into deep short term
correction mode and sustained break below 16377(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. Moving up the critical resistance
points will be at 16701.85---16722.05---16790---16870---16962---17028(last
four figures can change). It seems tough to cross this range as of now, however
if it moves above 17028 and sustain on the closing basis then very
strong up momentum may begin afresh.
It is important to mention here that its
long term technical setup is good for the uptrend to
continue. 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 holds 16640.40 and 16377(it can change) on the 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 16722
and maintain for some time or
buy on decline near 16590 but not
below it for safe traders. However, aggressive traders can also try long trade
on decline at appropriate points or near 16450
and then near 16377 but not
below it. It is in good up move but it will face stiff resistance moving up
from here, 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 16722 and maintain for some time with a
stop loss of 16680. It is for both the traders.
Or
Buy on decline near 16590 levels but not below it with a stop
loss of 16550. 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 16370. It is for the aggressive traders. It could be a highly
risky trade.
2. Sell on the rise near or
within the range of 16790---16825 with a stop loss of 16850. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 16550
and maintain for some with a stop loss of 16610. 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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