Open-21405.25--High-21549.35--Low-21128.50—Close-21451.80
on 30.9.2020
Support: 21403.15/21128/21031/21027/20926/20404.0/20316.20/20122.25/19507.
Resistance:21462.40/21611.40/21807/21811.50/21886.70/21967/22139.10/22479.55.
Critical Points moving up: 21480---21544---21859---22202---22250---22286--22418.
Critical Points moving down:-21274---21108---20942---20736---20686---20404.90.
(Bold and underlined figures are most
important)
As expected it staged a pullback rally for the
last 4 days but despite that it has
not been able to sustain above its critical and important points of 21479.54(this figure can change) & 21544, which indicate extreme weakness
in it. Please note that if it fails to move above 21544 on the closing basis then it may not resume the up move and
if it sustain below 21479.54 on the
closing basis then the ongoing pullback rally is over for sure and down move
may resume. Moving down it may find support at 21274---21108---20942---20736---20686---20404. Similarly moving up
it will face stiff resistance at 21544---21859---22202---22250---22286---22418.
The overall technical setup looks weak therefore in all likelihood pullback
rally seems to be over and down should begin.
Since pullback rally seems to be over therefore long trade
should be avoided for the day, however it can be tried by the aggressive
traders, if it moves and maintain above 21544
for some time, but it could be a risky trade mind you. It is therefore strongly
suggested for the day to try short trade on the rise or sell on the price
breakdown for taking advantage of the down 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
1. Buy if it moves and sustain above 21544 for
some time with a stop loss of 21530. It could be highly risky trade.
2. Sell on the rise near or within the range of 21750---21860
with a stop loss of 21950. It could be a risky trade but worth trying.
Or
Sell if it moves below 21400 and maintain for some
time with a stop loss of 21550.It could be a risky trade but worth trying.
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.