Commodities

Wednesday, 24 June 2020

TECHNICAL VIEW ON NIFTY--50 FOR-25.6.2020

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

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 


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