Open-36591.45---High-36997.70--Low—36487.15---Close-36574.30 on 1.9.2021
Support:36553/36497/36455.15/36248/35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.
Resistance;36615/37100/37232/37708.75/39010/39695/.
(Bold and underlined
figures are most important)
It had strong up move during the day
but could not sustain at the higher levels but closed with a gain of 149.70 points. It is holding its
critical point of 36248 which is a
positive sign and if it sustains above it on the closing basis then it could
possibly retest its all time high of 37708.75 or may go beyond it also. Going up to the
level of 37708.75
it will face resistance at 36592---36655---36724---36810---37100---37244---37417 points.
Similarly moving down its critical support points would be at 36553---36483---36248---36100(figures
may change), please note that break below 36553 would be an alert sign for
long trade, break below 36483 will
push it into very short term correction mode and sustained break below 36248
on the closing basis will push it into deep short term correction mode and
break below 36100
may accelerate the fall, which may be kept in mind.
It is important to mention here that
its long term technical setup is still good for the
uptrend to continue till it holds 34760(figure will change
every day) on the closing basis. The short
term technical setup is also looking good as of now. Furthermore one very important
technical indicator has also turned positive on the daily chart but still weak
on the weekly charts, however if it continues to move up it may turn positive
this weekend, so watch out. The short term bias now looks positive as long as
it holds 36248 levels on the closing basis.
In view of the above observation,
long trade can be tried if it moves above 36670
and maintain for some time or buy near if it holds 36553 for some time and finally
near 36248 but not below it. It
is in the uptrend but it is not that strong enough at this point of time,
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 36670 and maintain for some time with a
stop loss of 36530.It is for both the traders.
Or
Buy if it holds 36553 for some time with a stop loss of 36370. It
is for both the traders.
Or
Buy on decline near 36248 but not below it with a stop loss of 36100.
It is for both the traders.
2. Sell if it moves below 36100
and maintain for some time with a stop loss of 36270. It could be a risky trade
but worth trying for intraday gains.
Or
Sell on the rise near or
within the range of 37000---37100 with a stop loss of 37200. 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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Thank you for sharing your views.