Open-32526.70--High-32718.95--Low—32442.35—Close-32574.65
on 15.1.2021
Support:32161/31836/31783/31660.75/31649.45/30996/30945.20/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.
Resistance:32260/32465.45/32613.10/32718.95/33043/33327/33681.
(Bold and underlined figures are most
important)
It failed to close above its previous all-time high of
32613.10 even today also which is a
weak sign. It is way above its benchmark point of 29314. Its other key points are placed at 32288—31835.79----30570---29813---28801.71(figures can change) but it
is below its first key point of 32288
also and if it remains below it then it could correct further. Please note that
sustained break below 31835.79 can further
deepen the very short correction mode which can last for 2-4 days, sustained break below 30570 on the closing basis will push it into real short term
correction mode which can last slightly longer, sustained break below 29813 will push it into medium term
correction mode which can last even longer and most importantly sustained break
below 28801.71 on the closing basis
can push it into long term correction mode and will potentially threaten the
uptrend also, which may please be noted.
The technical setup is looking good for the continuation of the up move.
But since it has failed to close above its previous all time high of 32613.10 for the 3rd consecutive day and closed way below the low of the previous
day which is not a good sign. Furthermore it is below its first key point of 32288 also and if it remains below it and
break 31835.79 level then correction
may deepen further. The overall technical parameters and indicators pointing
that correction may extend and can last for few days if it does not bounce back
above its key and critical points of 32288---32465.45
& 32613.10 in next 3-4
trading session. Please note that going down its last critical point is 31264.05 and sustained break below this
mark on the closing basis may accelerate the down move.
Moving down
its critical support points at 31998---31835.79---31725.85---31510.25---30945.20---30893.65---30570---30197.85---29813---29314---28800.71.
Moving up its critical resistance points
at 32288---32465.45---32613.10---32718.95---33043---33327---33681---34130---34323---35440---37700.
In view of the above observation for safe traders long trade can tried
if it moves and maintain above 32584 for
some time avoid buy on decline for the day. However aggressive traders can try
long trade if it maintains above 32288
for some time or on decline but not below 32000.
But looking at today’s correction long trade
below 32288 could be a risky affair
for the day. Since it is in the strong up move therefore short trade in general
should be avoided but chances of correction extending is also looking strong at
this point of time therefore short trade can also be attempted on the rise at
appropriate price range or on the price breakdown for taking advantage of the
intraday corrective move.
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
1. Buy if it moves and maintains above 32584 for some time with
a stop loss of 32490. It is for safe traders.
Or
Buy if it moves and maintain above 32288 for some time with a
stop loss of 32200.It is for aggressive traders.
Or
Buy on decline at appropriate points or near 32000 but not below
it with a stop loss of 31900.It is for aggressive traders.
2. Sell if it moves and maintains below 31998 for some
time with a stop loss of 32100.It could be a risky trade but worth trying.
Or
Sell on the rise near or
within the range of 32525---32584 with a stop loss of 32630.It could be a risky
trade but worth trying.
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.
