Open—17095.40--High—17245.50—Low—17059.70---Close-17234.05
on 2.9.2021.
Support:17229/16996/16903/16826/16790/16701.85/16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.
Resistance: -17415/17504/17756/19575/20390.
(Bold and underlined
figures are most important)
It opened on a positive note today after
yesterday’s short correction and steadily moved up during the day and hit a new
all-time high of 17245.50 and closed
near the high with a gain of 157.90
points. It is in strong uptrend and exhibiting strength and geared up for
further up move off course with intermittent correction and provided it holds
its key support points of 17135---17085---17040---16990---16836.75(figures
may change) on the down move, break
below 17135 would
be an alert sign for the long trade, break below 17085 can push it into very
short term correction mode, sustained break below 17040 &16990 will weaken it further and break below 16836.75
will push it into deep short term correction mode and may accelerate the fall. Moving
up its potential target or resistance points would be at 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 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 17246 and maintain for
some time or on decline at appropriate
points or near 17135 and not below
it. However, aggressive traders can also try long trade on decline at
appropriate points or near 17085 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 17246 and maintain for some time with a
stop loss of 17180. It is for both the traders.
Or
Buy on decline at appropriate points or near 17135 with a stop
loss of 17110. It is for both the traders.
Or
Buy on decline at appropriate points or near 17085 with a stop
loss of 17030. It is for the aggressive traders and could be a risky trade.
2. Sell on the rise near or
within the range of 17390---17425 with a stop loss of 17440. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 17030
and maintain for some with a stop loss of 17090. 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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