Open—17897.45--High—17947.65—Low—17819.40---Close-17853.20
on 24.9.2021.
Support:17792.95/17756/17700/17630/17458/17436.50/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.
Resistance: -17920/17947.65/17971/18027/18081/18548/19303.70/19575/20390.09.
(Bold and underlined
figures are most important)
It opened with an up gap today and
moved up further and hit a new all-time of 17947.65
but could not sustain at the upper level and slipped in the late afternoon but
closed in the positive territory with a gain of 30.25 points. Moving up from here its target points or stiff
resistance points could be at 17920---17947.65---17971---18027---18062---18081.50---18548(figures
may change), it could correct at any of these points before moving up
further and it did retreated from 17920—17971
range today but it is still good pricewise. Similarly moving down its critical
support points would be at 17800---17792.95---17784---17700---17576.75---17526---17373---17358(figures
may change) , break below 17784 (figure
may change) on the closing basis will push it into very short term
correction mode, sustained break below 17700
on the closing basis will weaken it further, sustained break below 17576.75 & 17526 and push it into
short term corrective mode and sustained break below 17358 on the closing basis could push it into deep short term
corrective mode which could drag it down with accelerated pace. But if it holds
the range of 17800---17784 (figure can change) then the up move shall
continue with intermittent correction.
It is important to mention here that its long
term technical setup is good for the uptrend to
continue. It is out of corrective mode but certain important technical
indicators are still giving weak signal despite new all-time high today,
furthermore price pattern was slightly weak today but there is no such weakness
in it till it holds the range of 17800---17784. The long term bias is positive as of now. The
short term bias is also positive but little caution is to be exercised in wake
of weak technical indicators.
In view of the above observation,
safe traders can try long trade at current market price or can buy on decline
near 17800—17784 but not below it.
However aggressive traders can also try long trade on decline at appropriate
points or near 17630 but not below
it. Please note that long trade below 17784
could be a risky affair for the day. It is in uptrend but intraday corrections always happens as it
happened today; therefore short trade can also be attempted after
reasonable rise or can be tried on the price breakdown for taking advantage of
the intraday gains. Please note that short trade could be a risky affair as it
is in the uptrend, so be alert and watchful in short trade.
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 at current market price or on decline near the range of 17800-17784
with a stop loss of 17760. It is for both the traders.
Or
Buy on decline at appropriate points or near 17630 but not below
it with a stop loss of 17560. It is for the aggressive traders and could be a
highly risky trade.
2. Sell it on the rise near 17950
with a stop loss of 17980. It could be a highly risky trade but worth trying
for intraday gain.
Or
Sell if it moves below 17760
and maintain for some with a stop loss of 17825. 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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