Open-36878.25---High-36923.65--Low—36554.45---Close-36592.35
on 6.9.2021
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;36615/37100/37140/37232/37708.75/38743/39010/39695/40498/40855/42222/42808.
(Bold and underlined figures are most
important)
It is not exhibiting the required strength to move up fast
but still in the race, today it closed on a weak note with a loss of 168.80 points.
But please note that as long as it sustains above its critical point of 36248 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 36835---37100---37140---37244---37417 points. Similarly
moving down its critical support points would be at 36591.90---36553---36426---36377.50---36248---36150(figures
may change). It is below its alert point of 36685(figure will change every day)
which is slightly concerning, please note that break below 36591.90
will push it into very short term correction mode, sustained break below
36377.50
on the closing basis will push it into deep short term correction mode and sustained
break below 36248
& 36150 on the closing basis 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 34853(figure will change every day) on the closing basis. The short term technical setup not
that great but o.k.as of now but it is not exhibiting enough strength in
comparison with Nifty-50,
furthermore one very important technical indicator is still weak on the weekly charts
last weekend also, which also concerning and if it does move up sharply in
coming weak then it may slip down, so watch out and be alert in long trade at
this point of time. However as long as it holds 36248 levels
on the closing basis it seems o.k. for the continuation of the up move.
In view of the above observation, long trade can be tried if
it moves above 36835 and maintain
for some time or buy if it holds 36592
and finally on decline near 36248 but not below it. However
aggressive traders can try long trade if it moves above 36685 and maintain for some time. 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 36835 and maintain for some time with a
stop loss of 36710.It is for both the traders.
Or
Buy if it moves above 36685 and maintain for some time with a
stop loss of 36530.It is for the aggressive traders and could be a risky trade.
Or
Buy if it holds 36592 for some time with a stop loss of 36400. 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 highly risky trade but worth trying.
2. Sell if it moves below 36400 and maintain for some
time with a stop loss of 36600. It could be a highly risky trade but worth
trying for intraday gains.
Or
Sell on the rise near or
within the range of 36975---37150 with a stop loss of 37250. 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.