Open-23353.15--High-23962.70--Low-23149.45—Close-23874.65
on 14.10.2020
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)
As envisaged in my post for 12.10.2020
it corrected for 2 days on closing basis and today after
making a low of 23149.45 it bounced
back sharply in the late afternoon to close near the high of the day. It seems
that it has completed its correction on the closing basis and now ready to
resume the up move again. However in case if it loses the up momentum, chances
of which looks slim at this point of time then going down the key points would be
23492.70---23296---23081, sustained break below 23492 on the closing basis will signal that it could correct and
sustained break below 23081 on the
closing basis may push it into deep correction which may please be noted. Similarly
moving up the upside target or the resistance points will be at 24094---24365---25232.60---26311.30---26492.
Sustained close above 24365 will open the upside up to 26492
levels. The bias is positive as of now.
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 23492. Since it
is in strong uptrend therefore short trade is should be avoided in general but it
can be tried after a reasonable 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 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 23492 with a stop loss of 23450.It
could be a risky trade.
2. Sell on the rise near or within the range of 24365---24500
with a stop loss of 24550. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves below 23490 and maintain for some
time with a stop loss of 23560.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.
No comments:
Post a Comment
Thank you for sharing your views.