Open-23219.85--High-23646.20--Low-23148.95—Close-23533.25
on 16.10.2020
Support: 23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:23605.40/23822/23912.75/24096.75/24240/24365/24617.15/25105.35/25199/25232.60.
(Bold and underlined figures are most
important)
It made a smart recovery today and moved above both its key points of 23297 & 23081 and if it sustain
above these points on the closing basis then it could resume the up move again
but the real momentum it will pick up with a close above 23875 as of now. Going up the possible upside target or the
resistance points could be at 23650---23875---24094—24190.35---24267---24365. Please note that sustained break above 24365 will open the upside up to 26312 for it. The technical setup looks
o.k. but in comparison with CNX-Nifty it is fairly weak, therefore if it breaks
the above mentioned key points then it could head for correction again. Moving
down it will find support at 22970---22824---22744---22418---22297---21967---21750---21462---21298—21161
levels. Please note that sustained break below 22970 can take it down to 22418
and sustained break below it on the closing basis will open the downside up
to 20000 which may please be noted.
In view of the above observation safe traders can try long trade if it
moves and maintain above 23650 for
some time, but aggressive traders can try long trade now or on the decline at
appropriate points or near but not below 23150.
Short trade can also be attempted after a reasonable rise or on the price
breakdown for taking advantage of possible intraday correction.
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 23650 for
some time with a stop loss of 23500.It could be risky trade.
Or
Buy on decline at appropriate point or near but not below 23150
with a stop loss of 23070.It could be a risky trade but worth trying.
2. Sell on the rise near or within the range of 24150---24275
with a stop loss of 24340. 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 23170.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.