Open-24669.20--High-24764.05--Low-24360.85—Close-24478.30
on 23.10.2020
Support:24365/24240/24096.75/23912.75/23822/23605.40/23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:24617.15/24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.
(Bold and underlined figures are most
important)
It continued down move today but at the end respected its key points of
24386---24365---24267
and closed above it, which is a good sign.
Please note that to keep the up momentum going it has to hold these key points
and to close above its recent closing top of 24635.05 on the line chart and then move above its recent high 24823.60 and close above it. The chart
setup looks o.k. as of now therefore further up move may be ahead. However
in case it goes down, sustained break below 24386 on the closing basis may push it into correction mode and
sustained break below 24267 on the closing basis may
accelerate the fall. Similarly sustained close above 24635.05 & 24823.60 levels could take it much higher at a
faster speed.
Moving down it will find support at 24115—23897---23678---23408—23341.
Moving up the upside target or the resistance points could
be at 24522---24656---24944---25232.60---25427---25724---25953---26312.
Please note that as long as it holds above 24365 levels on the closing basis then
it may be heading for the level of 26312—26500
in coming days/weeks.
In view of the above observation long trade can be tried on decline at
the appropriate points as mentioned above
but not below 24267 or if it
maintains above 24635 for some time.
Today’s correction may continue if it breaks its key points on the closing
basis, therefore short trade can also be attempted either after a reasonable
rise or on the price breakdown for taking advantage of possible intraday
correction or may be long 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 maintains above 24635
for some time with a stop loss of 24520.It could be risky trade.
Or
Buy on decline at appropriate points or near 24267 but not below
it with a stop loss of 24150.
2. Sell on the rise near or within the range of 25050---25150
with a stop loss of 25250. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves below 24150 and maintain for some
time with a stop loss of 24270.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 favorable 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.