Open—17718.90--High—17742.15—Low—17590.95---Close-17618.15
on 30.9.2021.
Support:17630/17458/17436.50/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.
Resistance: -117630/17700/17756/17792.95/17920/17947.65/17971/18027/18081/18548/19303.70/19575/20390.09.
(Bold and underlined
figures are most important)
It opened on a flat to slight
positive note today but did not show strength and finally closed with a loss of
93.15
points. It is already into very short
term correction mode, furthermore it has given downside breakout today from the
rising wedge which is an extremely weak sign, moving down further from here its
other critical support or possible buying points will be at 17576.75---17526---17373---17358(figures
may change) break below 17576.75 & 17526 will 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 further with an accelerated pace.
Please note that it could come out of the corrective mode if it closes above 17801 and sustain and if it moves above
17823.40 and sustain on the closing
basis then it could retest its all-time high of 17947.65 or may go beyond also. Moving up its target points or
stiff resistance points could be at 17700---17792.95---17801---17823.40---17856---17920---17947.65---17971---18027---18062---18081.50---18548(figures
may change).
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. It is into very short corrective mode, furthermore certain
important technical indicators are giving weak signal on the daily chart , so one
has to be cautious and alert in the long trade at least till the indicators
turn positive or it crosses the range of 17801—17823.40
and sustain on the closing basis. It is in corrective mode in short term.
Please note that if it does not recover fast and move above its critical points
mentioned above in next 1-2 days
then down move should continue.
In view of the above observation, it
is into corrective mode therefore safe traders should avoid long trade till the
fall is arrested or it gives visible indication of correction completion. It would be safe to try long trade only
once it closes above 17823.40(this figure can change). However,
aggressive traders can try long trade if it holds 17576.75 for some time.
Please note that long trade in a corrective market could be a risky affair.
It is in the long term uptrend but in corrective mode now and one never know
how this on-going correction will culminate, therefore short
trade can also be attempted on the rise and at appropriate point 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 holds 17576.75
for some time with a stop loss of 17510. It is for the aggressive traders and
could be a highly risky trade.
2. Sell on the rise near 17750
with a stop loss of 17805. It could be a highly risky trade but worth trying
for intraday gain.
Or
Sell if it moves below 17576
and maintain for some with a stop loss of 17625. 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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