Open-36588.40---High-36895.55--Low—36469---Close-36831.30 on 2.9.2021
Support:36615/36553/36497/36455.15/36248/35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.
Resistance;37100/37232/37708.75/38743/39010/39695/40498/40855/42222/42808.
(Bold and underlined
figures are most important)
It continued the up move today and
closed with a gain of 257 points. It
is well above 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,
chances of which looking pretty good at this point of time. Going up to the
level of 37708.75
it will face resistance at 36700---37100---37244---37417 points. Similarly
moving down its critical support points would be at 36553---36483---36248---36130(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 34791(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 36900
and maintain for some time or buy on decline near 36650 and finally near 36248 but not below it. It is
suggested to avoid buy on decline below 36650
for the day. 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 36900 and maintain for some time with a
stop loss of 36700.It is for both the traders.
Or
Buy on decline at appropriate points or near 36650 with a stop
loss of 36500. 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. It could be a risky trade.
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 37250---37350 with a stop loss of 37450. 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.