Open-23920.35--High-24087.85--Low-22970.95—Close-23072.40
on 15.10.2020
Support:22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:23081/23211.35/23605.40/23822/23912.75/24096.75/24240/24365/24617.15/25105.35/25199/25232.60.
(Bold and underlined figures are most
important)
After two days of fall it sharply bounce back on 14.10.2020 giving an impression that it has completed the
correction but could not sustain the up move and retraced it completely today
exhibiting tremendous weakness, furthermore it has broken its recent bottom of 23492.70 it made on the line chart on 13.10.2020 and it has also closed below
its key point of 23297 & 23081 which
indicates that it has slipped into correction today and if it sustain below 23081 then
the correction could deepen and moving down it will find support at 22824---22744---22418---22297---21967---21750---21462---21298—21161
levels. It may bounce back from any of these points for a while or for good has
to be seen but it is important to mention here that sustained break below 22418 on the closing basis will open
the downside up to 20000 which may
please be noted. Please note that to resume the up move from here again it has
to move above its key points of 23297 & 23081 and sustain on the closing basis
else correction may continue for some time. Moving up it will face resistance
at 23388---23611---23822---24094—24267---24365.
It seems that it has slipped again into correction mode
therefore for safe traders long trade should be avoided till the correction
completion looks visible but it can be tried if it moves and sustain above 23081 & 23297 on the closing basis.
However aggressive traders can try long trade for the day on decline at
appropriate points or near 22418 but
it could be a highly risky trade mind you. In view of today’s sharp down
correction it would be better to adopt sell on the rise strategy as of now.
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 23297 for
some time with a stop loss of 23060.
Or
Buy on decline near but not below 22418 with a stop loss of 22300.It
could be a risky trade.
2. Sell on the rise near or within the range of 23400---23500
with a stop loss of 23575. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves below 23081 and maintain for some
time with a stop loss of 23180.It could be a risky trade but worth trying.
Or
Sell if it moves below 22970 and maintain for some
time with a stop loss of 23110.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.