Open—17185.60--High—17225.75—Low—17055.05---Close-17076.25
on 1.9.2021.
Support:16996/16903/16826/16790/16701.85/16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -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 17225.75 but could not sustain at the higher level and as expected
it corrected after 7 days of rise
and closed with loss of 55.95 points. It was a normal correction and it is
still in strong uptrend and exhibiting strength, but please note that the gap
it created on 30.8.2021 is still
there and if it makes an effort to fill this gap in next 1-2 trading session,
which is technically possible then it could come down to 16722 and if it does not fill
this gap in the stipulated time then chances of filling it will fade out for
now. It is important to mention here that today it closed below its important and
alert point of 17110(it
will change every day) for 2.9.2021,
therefore till it moves above this mark and sustain it may not resume the steady
up move. Moving down further its other critical support points would be at 17070---17025---16974---16923---16822(figures
may change) since it is already below its alert point of 17110 therefore
avoid long trade below this mark, break below 17070 can push it into very
short term correction mode, sustained break below 17025---16974 & 16923 will
weaken it further and break below 16822 will push it into deep short term
correction mode and may accelerate the fall. I once again reiterate that if it
moves above its most critical point of 17110(figure will change every day) and sustains
on the closing basis then it could be heading for the upside target of 17229---17415---17504---17756---19575---20390. It did come very close to 17229 intraday today but slipped down.
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 should be exercised in
long trade with every rise in it.
In view of the above observation, for
safe traders long trade can be tried if it moves above 17154 and maintain for
some time. However, aggressive traders can also try long trade if it moves
above 17110 and maintain for some time,
it is suggested to avoid buy on decline for both the traders for the day. It is
in strong up move but intraday correction will always happen as it happen today,
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 17154 and maintain for some time with a
stop loss of 17100. It is for both the traders. It could be a risky trade.
Or
Buy if it moves above 17110 and maintain for some time with a
stop loss of 17040. It is for the aggressive traders. It could be a risky
trade.
2. Sell on the rise near or
within the range of 17230---17250 with a stop loss of 17280. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 17025
and maintain for some with a stop loss of 17085. It could be a highly risky
trade but worth trying for intraday gain.
Or
Sell if it does not move
above 17154 in first one and half hour of trade even intraday with a stop loss
of 17190 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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