Open-23902.90--High-24320.95--Low-23754.85—Close-24266.75
on 19.10.2020
Support:24240/24096.75/23912.75/23822/23605.40/23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:24365/24617.15/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.
(Bold and underlined figures are most
important)
It continued the up move today also and crossed its recent closing top
of 23874.45 on the line chart and
intraday top of 24190.35 on the bar chart
and closed above both the top, which speaks of good strength in it; therefore
it seems that it has resumed the up move again. But the significant point is
that it has opened with an up gap today and if it makes an attempt to fill the
gap in next 3-4 trading session
which is technically possible then it can come down to 23646 levels, which may be kept in mind. It is also important to
mention here that to keep the up momentum going it should not break the level of
24000 and sustain below it on the
closing basis and if it does then it could slip into correction again. The
situation is slightly tricky as of now so be watchful. Going down it may find
support at 23805---23645---23486---23240.
Kindly, note that looking at the overall technical setup, chances of moving up
looks better as of now. Going up from here the possible upside target or the
resistance points could be at 24267---24365---24522---24656---24944---25232.60---25427---25724---25953---26312.
Please note that sustained break above24365 on the closing basis will open
the upside up to 26312 levels.
In view of the above observation long trade can be tried if it
maintains above 24190 or can be
tried on decline also but not below 24000.Since
it seems that it has picked up the up momentum therefore short trade in general
should be avoided. But 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 maintains above 24190 with a stop
loss of 24100.It could be risky trade.
Or
Buy on decline at appropriate point or near but not below 24000
with a stop loss of 23900.It could be a risky trade but worth trying.
2. Sell on the rise near or within the range of 24700---24800
with a stop loss of 24875. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves below 23940 and maintain for some
time with a stop loss of 24040.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.