Open—18097.85--High—18197.80—Low—18050.75---Close-18161.75
on 13.10.2021.
Support:18137/18081/17971/17947.65/17920/17840/17792.95/7756/17700/17613/17576.10/17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.
Resistance: -18197.80/18254/18350/18550/19303.70/19575/20390.09.
(Bold and underlined
figures are most important)
It gave a robust up move today and
hit a new all-time high of 18197.80 and
closed with a gain of 169.80 points,
which is a positive sign. Please note that as long as it holds the range of 18022---17992---17975---17947.75
on the closing basis then the up move should continue with intermittent
correction. It is in strong uptrend now. Moving up from here its upside target
point or stiff resistance points could be at 18197.80---18254---18350---18550---18750(figures
may change) and it could react from any of these points and then may resume
the uptrend again or may break down also which may please be noted. Similarly
moving down its critical support points could be at 18022---17992---17975---17947.65---17792.95---17790---17718---17625---17564---17549---17452(figure
may change), it may bounce back from any of these points, sustained break
below 17947.65 will be an alert
point, break below the range of 18022---17992---17975---17947.75,will
push it into very short term correction mode, break below 17790---17718 & 17625 will weaken it further and push it
into short term correction mode,
sustained break below 17452 on the closing basis will indicate that the on-going
uptrend may be in jeopardy. Most importantly please note that its last lair of
solid support range is 17366---17312---17233(figures
will change every day) sustained break below this range on the closing
basis could push it into deep short term or medium term correction mode.
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. The short term bias is also positive, 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. But the
trend is up as of now.
In view of the above observation, long
trade can be tried if it moves above 18200
and maintain for some time or can buy on
at appropriate points or near 18022 but not below it. Please note that long trade below 18022
could be a risky affair for the day. It is in the long term uptrend but correction
always happens, 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. But please be extra careful in short
trade because it is in a strong uptrend. 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 18200 and maintain for some time with a
stop loss of 18150. It is for both the traders.
Or
Buy on decline at appropriate point or near 18022 but not below
it with a stop loss of 17930. It is for both the traders.
2. Sell on the rise near or
within the range of 18300---18350 with a stop loss of 18400. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 17947.75
and maintain for some with a stop loss of 18030. 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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