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Open—47567.65-High—47943.60--Low—47510.85--Close-47732.30 on
14.12.2023.
Support:47575/47454/47420/47231/47123/46850/46484.45/46369.50/46310.40/45905.85/45893.80/45816/45782.75/45655.50/45238.80/45118.05/44949.90/44779.65/44710.55/.43600.35/44547.80/44498.60/44279.40/44151.80/43830.75/43796.75/43345.95/43230.95/43078.90/43038.25/42986.45.
Resistance: 47808/47917/48081/48925/50850.
(Bold and underlined
figures are most important)
It opened with a big up gap and went up
further and hit yet another all-time high of 47943.60 and finally ended
the day with a handsome gain of 640.05 points. Please note that the gap it created
today is still there and if it makes an effort to fill the gap in next 3-4 trading
sessions, which is technically possible then it can come down to 47201.95.
It is important to mention here that for the earlier gaps filling threat on the
daily chart had faded out but it is still looming on the weekly chart, so be
alert and cautiously ride the on-going rise.
It is in the new territory and exhibiting good strength and hitting new high every other day therefore it is likely to extend the up move further for sure. But please note that in between short correction will happen during the continuation of the up move, as it happened recently, but break below 47694.22---47604.60---46831 & 46565.78(figure may change) will push it into very short, short, medium and long correction mode for its recent rise and break below 46369.50 could be an extreme alert point and then correction may deepen and can last longer. It is in the long term uptrend and bias is bullish as of now and it is buying on decline market till it indicates otherwise.
It is important to mention here that almost
all the important technical indicators are positive now on the daily, weekly
and monthly chart except for one indicator which is still slightly dicey on
daily & weekly chart, in fact it is still showing distinct negative
divergence on the daily chart despite today’s robust rise which is slightly
concerning and it seems that it may still get into down move again, however the
other parameters are very good now and if price action supports then the
indicator may also turn positive in coming days, therefore I once again repeat
that the on-going up move is likely to extend further provided it holds the key
points as mentioned above, else it may get into correction.
Moving up
from here it may face resistance at 47808—47887----47917----48081----48925 (some
figure may change). Please note that it may correct at any of these points
and then may resume the up move again or rally may exhaust also. So watch out.
Kindly note that moving down from here it’s possible support points would
be at 47588---47575---47454---47420---47231---47123---46850---46484.45----46369.50----46310.40---45716.61---45517---45451----44951---44764—44580---44481(figure
may change) it may bounce back from any of these points, but break below each support point could
weaken it and can drag it down further, which please note.
IMPORTANT NOTE: -- Close below 46886.90 & 46507.15 could be
concerning and can drag it down.
TRADING TIPS:--
1. Long trade can be tried on decline near or
within the range of 47730-----47550 with a stop loss of 47290.But
aggressive traders can also try long trade on the sharp decline near or within
the range of 47100---47000 with a stop loss of 46800.
2. It is in
the long term uptrend therefore short trade in general could be a highly risky
affair, but even then short trade can be attempted on reasonable rise for
intraday corrective gains but with extreme caution and alert. Short trade can
be tried on the rise near or within the range of 48100---48200 with a
stop loss of 48300.It could be a risky 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.
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.
Thanks
Narendra Kumar Surana
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
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