NIFTY--50
Open-10529.25--High-10553.15—Low-10281.95—Close-10305.30
on 24.6.2020.
Support: - 10272/10168/10040/9970.80/9944.40/9889.05/9726.25/9700/9685.55.
Resistance: - 10315/10328.50/10490.95/10551.20/10557.70/10583.65.
Critical Points moving down:-10272--10168--10040--9944.40.
Critical Points moving up:-10315---10328.50--10490---10551.20--10583.65.
(Bold and underlined figures are most important)
As anticipated it began correction today, it
closed below its important point of 10328.50 &10315.07 and if it remains
below these levels correction could further intensify and it could come down
to 10168—10040---9944 levels and these could be the possible correction
completion point also. Therefore for safe traders it is suggested to try long
trade only when correction ends and it start moving up again on the closing
basis, but aggressive trader can attempt long trade at proper points in
intraday correction also, but it could be a risky trade mind you. It is
therefore suggested to try long trade only if it moves and maintain above
10315.07 &10328.50 levels as of now because else you may get it at much
lower level as mentioned above. It is in correction mode now but the trend is
still up as of now.
It is needless to mention here that the ongoing
uptrend is purely liquidity driven and lacks fundamentals completely therefore
the correction started today may turn into uptrend termination also, so be
vigilant and extra cautious in the long trade. Short trade should also be
attempted at critical points or on severe price breakdown to take advantage of
the correction.
TRADING STRATEGY
1. Buy if it moves and maintains above 10315 & 10328.50 for
some time with a stop loss of 10260.It could be a risky trade.
2. Sell if it moves below
10272and maintain for some time with a stop loss of 10340.
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 favourable 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.
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Thank you for sharing your views.