Open—15915.35--High—15915.65—Low—15792.15---Close-15814.70
on 28.6.2021.
Support:18835.55/15780/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.
Resistance: -15877/15895.75/15901.60/
15920/ 16024/16074/16180/16223/16631.
(Bold and underlined
figures are most important)
It opened with an up gap but could
not sustain at the upper levels and slipped down to end the day near low of the
day and with a loss of 45.65 points.
Its present range is between 15780---15920
and break below 15780 on the closing
basis could be an alert sign and break
below 15760 on the closing basis
could weaken it and may drag it down, furthermore break below 15673 could push it into very short
correction mode and may take it down sharply ,which may please be noted. Similarly
if it moves above 15920 and sustain on the closing basis then the
next upside target could be 16024---16074---16180---16223. It is important to mention
here that its long term technical setup is good as of now, therefore as long as it hold 15471 &
15431.75 on the closing basis there is no
major threat to the uptrend. Kindly note that it is looking fine technically
for the up move to continue, but with every rise in it the valuation of the
constituent stocks are also getting stretched, so be careful and cautious in
the long trade because there is a possibility that this up move may exhaust
also at any of the above mentioned points or earlier also.
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, for
safe traders long trade can be tried once it closes above 15871 or can try on if it holds 15780. However aggressive trader can also try long trade if it
moves above 15871 and maintain for
some time or can try on decline at appropriate points or near 15673 but not below it. Please note
that long trade below 15780 &15760
could be a risky trade and below 15673
could be a highly risky trade mind you because if it moves and sustain below it
for a longer time during the day then it could move down sharply. Lastly long
trade can be tried on sharp decline in the range of 15471---15431 but not below it with a stop loss of 15380. Since it has not yet crossed
some of its critical long term averages, therefore short
trade can also be tried after reasonable rise or can be tried on the price
breakdown for taking advantage of the intraday or otherwise 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 if it moves above 15871 and maintain for some time with a
stop loss of 15840. It for the aggressive traders and could be a risky trade.
Or
Buy on decline near 15780 but not below it with a stop loss of
15740. It is for both the traders.
Or
Buy on decline at appropriate points or near 15673 but not below
it with a stop loss of 15640. It is for the aggressive traders and could be a
highly risky trade.
2. Sell on the rise near or
within the range of 15920---15930 with a stop loss of 15960. It could be a
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 15760
and maintain for some time with a stop loss of 15820.
Or
Sell if it moves below 15673
and maintain for some time with a stop loss of 15720.
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.
