Open—33264.75---High—33666.50---Low—33080.45---Close—33539.45 on
1.7.2022.
Support:33463.55/33273.95/33180.60/33080.45/33001.75/32652.15/32613.10/32415.25/32290.55/32155.35/31906.55/31649.45/31170.55/3801/30405.65/30220/29687.70.
Resistance:33774.05/33908.95/34018.45/34115.20/34147.50/34287/34390.05/34817.50/35016.30/35327.90/35481.70/35511/35585.20/35762/35958.45/36083.70.
(Bold and underlined
figures are most important).
Kindly see my last post for
the week from 6.6.2022—10.6.2022 (it closed at 35275.05 on 3.6.2022 )
where I mentioned that the up rally is losing steam and it is expected to
correct if it does not sustain above the range of 35481.70----35762 and it
did corrected by more than 2900 points
on intraday basis but staged a bounced back from its important support range of 33001---32613---32133
and the rally is still on but the price is not showing enough strength now ,however if it moves above 34439
and sustain then this rally may extend further, but it may gain some strength
if it moves above 35160(figure will change every day) and may pick up
good momentum if it moves above the critical range of 35481.70----35762 which is not likely to happen at this point
of time, similarly break below the range of 33264---33001 will be a weak
sign and may end the on-going pullback rally. But it is important to mention
here it has strong support range between 32870---32050(32870---32613---32290—32133---32050)
therefore the chances are that it may bounce back from this range a number of
time before breaking it, but eventually it is likely to break this range as per
important technical indicators reading as of now so be watchful and extremely
cautious in the long trade at least for now.
It is into long term
correction mode now and the on-going up rally is just a pullback move and it
may fizzle out any time soon. This rally is holding on because some important
technical indicators on the daily chart are showing positive sign, but it is
likely to fade out soon and down move may begin because almost all the important
technical indicators are showing extremely weak sign on the weekly and monthly
chart therefore a good fall looks inevitable in coming week/months provided it
breaks its important range of 32870---32050 as mentioned above. The
short term trend is slightly positive as of now but the medium and long term
trend is still bearish.
In view of the above
observation, it is in long term correction mode, therefore it is suggested that
the safe traders should avoid long trade now and can only try if it sustain
above 34439 on the closing basis.
However, aggressive traders can try long trade if it maintains above 33540 for some time with a stop loss of
33400 or on the decline near or
within the range of 33270---33000 with
a stop loss of 32800. Please trail
your stop loss in case of profitable trade to avoid losses. Please note that
long trade for playing the pullback move could be a risky affair, therefore one
should be very vigilant and cautious in the long trade at this point of time.
Since it is in long term correction mode, therefore it is suggested to adopt
sell on the rise strategy at appropriate points or sell on the price breakdown with
self defined stop losses for corrective gain till it gives visible sign of
getting out of corrective mode. The long term bias is bearish as of
now.
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.
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.
No comments:
Post a Comment
Thank you for sharing your views.