NIFTY--50
Open-10235.55--High-10361.80—Low-10194.40—Close-10288.90
on 25.6.2020.
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)
It started correction on 24.6.2020 and today
also it gave lower close, so the correction is still on and it may go down further,
so watch out. It is important to mention here that despite on the weak ground
technically in comparison with Nifty-50, CNX-Bank Nifty has made higher bottom
today, therefore it is expected that it could possibly make higher bottom on
26.6.2020. All the observation in my post for 24.6.2020 will be valid for 26.6.2020
also except for some trading strategy.
TRADING STRATEGY
1. Buy if it moves and maintains above 10315 & 10328.50 for
some time with a stop loss of 10270.It could be a highly risky trade but worth
trying.
Or
Buy on decline if it holds 10172 but not below this mark with a
stop loss of10130.
2. Sell if it moves below
10281and maintain for some time with a stop loss of 10335.
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.