Open—15796.45--High—15835.55—Low—15749.80---Close-15799.35
on 11.6.2021.
Support:15780/15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: 15835.55/15877/15920/ 15989/16085/16223/16750/17250/17503/19575/20390.
(Bold and underlined
figures are most important)
As it closed above its recent top of 15751.65 on the line chart and above
its first critical resistance point of 15780
therefore it seems that very short correction may be over and it could resume
the steady up move if it holds 15780
marks on the closing basis. The long term technical setup is looking good for
the up move to continue off course with intermittent down correction and as
long as it holds 15471 & 15431.75 levels on the closing basis, then it could still
scale up to 15920---16223---16750---17250---17503---19575---20390
levels, but please note that it
could end the up rally for good at any of these points or earlier also or may
correct at any of these points and then may resume the rally again, both the
possibilities are there which may be kept in mind. Similarly
moving down its critical support points are at 15780---15635.35---15566.90---15471---15431.75. Please note that break below 15780 on the closing basis would be an alert sign for the long
trade, sustained break below 15635 may push it
again in the very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15471 on the closing basis will signal extreme weakness
and sustained break below 15431.75 will push it into deep short term corrective
mode and may threaten the uptrend also, which may please be noted. Moving down
other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884.
Today’s move indicates that the correction may be over but it has to be seen
for the next 2-3 trading session, whether it sustains above 15780 or not, therefore long trade can
be tried at appropriate points but with extreme caution and care at this point
of time. The long term outlook is positive as of now.
It is
important to mention here that technically this on-going uptrend is showing enough
strength and looking good for the continuation of the up move but this up rally
is not in sync with the fundamentals and you are well aware that it is the
fundamentals which eventually hold the Priceline. Therefore this on-going up
rally may deceive you at any point of time, so be alert and careful in long
trade henceforth.
In view of the above observation long
trade can be tried if it moves above 15836
and maintain for some time or can buy on decline at appropriate points or near 15635 but not below it. Since it has not
yet crossed some of its critical averages, therefore short
trade can also be tried after reasonable rise or can be tried on the price
breakdown for taking advantage of the 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 (Suggested)
1. Buy on decline at appropriate points with self defined stop
losses or near 15635 but not below it with a stop loss of 15580.
Or
Buy if it moves above 15836 and maintain for some time with a
stop loss of 15775. It is for the aggressive traders and could be a risky trade.
2. Sell on the rise near or
within the range of 15880---15900 with a stop loss of 15930. It could be a highly
risky trade.
Or
Sell if it does not move
above 15836 in first hour and half trade with a stop loss of 15860. It could be a risky trade but worth trying for
intraday gain.
Or
Sell if it moves below
15749 and maintain for some time with a stop loss of 15810. It could be a 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.
