Open-23312.60--High-23904.10--Low-23132.45—Close-23846.80
on 9.10.2020
Support:23822/23605.60/23211.35/23080.60/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:23912.75/24096.75/24240/24365/24617.15/25105.35/25199/25232.60.
(Bold and underlined figures are most
important)
Its technical strength is not that strong in comparison with CNX-Nifty
but is improving fast day by day and it is very much likely that it could
retest its recent top of 25232.60 or
may go much higher than this in coming days as of now off course with
intermittent correction. The only concerning thing is that it had a vertical rise
and in 10 trading session it has
risen by very close to 3400 points
on the closing basis, so it is highly vulnerable for correction also and if it
correct from here then it could have a vertical fall too, but as long as it
holds 23081(this figure will change if
it moves further up from here) on the fall then it could bounce back and
resume the uptrend again but sustained break below it on the closing basis can
push it into short correction mode. In that case it will find good support at 23388---23081---22567---22418 sustained close below 22418 on the closing basis will accelerate the down move which may
please be noted. Similarly moving up it will face resistance at 24094---24365---25232.60---26311.30---26492.
sustained close above 24365 will open the upside up to 26492
levels The bias is up
technically but correction also looks imminent and can happen anytime, so be
alert and cautious in the long trade at this point of time.
In view of the above observation long trade can be tried if
it moves and maintain above 23905 or
buy on decline can also be tried with the help of support points mentioned
above but not below 23081. Since it
is in strong uptrend therefore short trade is a avoid in general but in light
of vertical rise for ten days correction is also possible therefore short trade
can also be tried on the rise in the
appropriate range or on the price breakdown for taking advantage of a possible
corrective move. I once again repeat that the overall bias is highly bullish.
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 23905 for
some time with a stop loss of 23800.
Or
Buy on decline near but not below 23081 with a stop loss of 22900.
2. Sell on the rise near or within the range of 24500---24600
with a stop loss of 24700. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves below 23780 and maintain for some
time with a stop loss of 23870.It could be a risky trade but worth trying for intraday corrective move.
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.