Open—37782.75---High—38495.30--Low—37744.65---Close-38293.80 on 11.10.2021.
Support:38112.75/37708.75/37315.20/37200/36615/36525.95/36317/36248/36151.95/35531/34817.50
Resistance: - 38377.75/38545/38719-743/38888/38914/39093/39695/40234/40337/40498/40680/40746/40855/41169.
(Bold and underlined
figures are most important)
It opened on a positive today and went
up further and came out of the corrective mode and hit a new all-time high of 38495.30 and closed with a robust gain
of 518.55
points, which is a positive sign for the up move to continue. Please note
that as long as it holds 38113 & 38030.50 on the closing basis up
move should continue. Moving up it will face resistance at 38377.75---38495.30---38545---38743---38888---38914---39093---39695---40234
it could correct from any of these points and then may resume the up move
again. Please note that its most important and critical resistance range is
between 39900---39640---39330(figure
will change every day) and if it moves above this range and sustain on the
closing basis then it could be in a very strong up momentum. Similarly moving
down its critical support points could be at 38113---38077---38030---37942---37627---37526---37461---37413---37175---36980---36876---36700---36525.95(figure
may change), it may bounce back from any of these points but break below 38113---38030 will push it into very
short term correction mode, break below 37942
will push it into short term correction mode, break below 37413 will push it into deep short term correction mode, break
below 37175 will be an alert point,
break below 36980 will weaken it
further, sustained break below 36876 may trigger the further fall, break
below 36732 will indicate that the
on-going uptrend may be in jeopardy and sustained break below 36525.95 on the closing basis may
accelerate the fall.
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. It is out of corrective mode today and above its key point
of 38077 and price pattern is also
good, but certain important technical indicators is still giving weak signal on
the daily chart which may drag it down in coming days if the indicator does not
improve. Therefore one has to be cautious and alert in the long trade till the
indicators turn positive. The short term bias is has also turned positive as of
now.
In view of the above observation, long
trade can be tried if it moves above 38380
and maintain for some time or can buy on decline near 38113 but not below it. However,
aggressive traders can also try long trade on decline at appropriate points or near
37750 but not below it. Please note that long trade below 38113 could
be a risky affair for the day. It is in the long term uptrend but
correction always happen, 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. Please be extra alert in the 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 if it moves above 38380 and maintain for some time with a
stop loss of 38270. It is for both the traders.
Or
Buy on decline at appropriate points or near 38113 but not below
it with a stop loss of 37930. It is for both the traders.
Or
Buy on decline at appropriate points or near 37750 but not below
it with a stop loss of 37600. It is for the aggressive traders and could be a
risky trade.
2. Sell near if it does not
move above 38377.25 in first one and half hour of trade even intraday with a
stop loss of 38550. It could be a risky trade but worth trying for intraday
gains.
Or
Sell on the rise near or
within the range of 38600---38750 with a stop loss of 38850. It could be a
risky trade but worth trying for intraday gains.
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.
I appreciate your blog writing that ur strenuous efforts are involved but my dear I am an 'Everyday Player', do not find much time to read out the drafted article, instead start my day with essential buying n selling which gives me sufficient amount during one day or sometime two days max. I place my bets only on those which for sure hits during the day, if not, then take the delivery as there's enough margin left with the Broker in my all the accounts (Mine, Spouse & Son). I trade in not more than two which gives me my required return.
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