Open—16775.85--High—16951.50—Low—16764.85---Close-16931.05
on 30.8.2021.
Support:16903/16826/16790/16701.85/16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -16996/17229/17415/17504/17756/19575/20390.
(Bold and underlined
figures are most important)
It opened with an up gap today and
went up further and made a new all-time high of 16951.50 and closed near the high of the day with a robust gain of 225.85 point. It is in strong uptrend
and exhibiting great strength, but please note that the gap it created today is
still there and if it makes an effort to fill this gap in next 3-4 days which is technically possible
then it could come down to 16722.
Moving down its critical support points would be at 16886---16816---16765---16612(figures
may change) break below 16886 could be an alert point for long trade,
break below 16816
can push it into very short term correction mode, sustained break below 16765
will weaken it further and break below 16612 will push it into deep short term correction
mode. Moving up the critical resistance points will be at 16980---16996---17050(figures can change).
Please note that if it moves above 17050(figure
will change every day) and sustain on the closing basis then it will
pick-up fresh up momentum which can take it up to 17229---17415---17504---17756---19575---20390.
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 is expected to continue off course with in between corrective move
from time to time and provided it holds its critical support points mentioned
above. The bias is hugely positive as of now but caution is suggested in long
trade with every rise in it.
In view of the above observation, long
trade can be tried if it moves above 16952
and maintain for some time or
buy on decline at appropriate points or near 16886 but not below it for safe traders. However, aggressive
traders can also try long trade on decline at appropriate points or near 16765 but not below it. It is in strong
up move but intraday correction will always happen, 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 16952 and maintain for some time with a
stop loss of 16900. It is for both the traders. It could be a risky trade.
Or
Buy on decline near 16886 levels but not below it with a stop
loss of 16840. It is for both the traders.
Or
Buy on decline at appropriate points or near 16765 but not below
it with a stop loss of 16700. It is for the aggressive traders. It could be a highly
risky trade.
2. Sell on the rise near or
within the range of 17025---17050 with a stop loss of 17080. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 16880
and maintain for some with a stop loss of 16955. 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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