Open—17657.95--High—17781.75—Low—17608.15---Close-17711.30
on 29.9.2021.
Support:17700/17630/17458/17436.50/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.
Resistance: -17756/17792.95/17920/17947.65/17971/18027/18081/18548/19303.70/19575/20390.09.
(Bold and underlined
figures are most important)
It opened on a negative note today but
came into positive territory during the day but finally closed with a loss of 37.30
points. It is exhibiting volatility which
is slightly concerning and not good for a steady up move ,furthermore it is already into very short term correction
mode, which is a weak sign, moving down further from here its other critical
support or possible buying points will be at 17700---17576.75---17526---17373---17358(figures
may change) break below 17700 on
the closing basis will weaken it further, sustained break below 17576.75 & 17526 will push it into
short term corrective mode and sustained break below 17358 on the closing basis could push it into deep short term
corrective mode which could drag it down further with an accelerated pace. Please note that it could come out of the corrective
mode if it closes above 17801 and
sustain and if it moves above 17823.40
and sustain on the closing basis then it could retest its all-time high of 17947.65 or may go beyond also. Moving
up its target points or stiff resistance points could be at 17792.95---17801---17823.40---17856---17920---17947.65---17971---18027---18062---18081.50---18548(figures
may change).
It is important to mention here that its
long term technical setup is still good for the
uptrend to continue. But it slipped into very short corrective mode again,
furthermore certain important technical indicators are giving weak signal on
the daily chart , so one has to be cautious and alert in the long trade at
least till the indicators turn positive or it crosses the range of 17801—17823.40 and sustain on the
closing basis. Therefore it is suggested to avoid long trade below 17823.40. The long term bias is
positive as of now. It is in corrective
mode in short term. Please note that if it does not recover fast and move above
its critical points mentioned above in next 1-2 days then down move should continue.
In view of the above observation, it
is into corrective mode therefore safe traders should avoid long trade now in
general till correction completion looks visible. It would be safe to try long trade only once it closes above
17823.40. However, aggressive
traders can try long trade if it moves above 17750 and maintain for some time or if it holds 17700 and then near 17610 for some time and then near 17610 but not below it.
Please note that long trade in a corrective market could be a risky affair.
It is in the uptrend but in corrective mode now, therefore short
trade can also be attempted after reasonable rise and at appropriate point or
can be tried on the price breakdown for taking advantage of the intraday gains.
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 holds 17700 for some time or near 17610 but not
below it with a stop loss of 17670 & 17570. It is for the aggressive
traders and could be a highly risky trade.
Or
Buy if it moves above 17750 and maintain for some time with a
stop loss of 17690. It is for the aggressive traders and could be a risky
trade.
2. Sell on the rise near 17823
with a stop loss of 17860. It could be a highly risky trade but worth trying
for intraday gain.
Or
Sell if it moves below 17670
and maintain for some with a stop loss of 17720. It could be a highly 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.
