Open-24288.05--High-24809.65--Low-23924.20—Close-24769.50
on 27.10.2020
Support:24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.
(Bold and underlined figures are most
important)
As anticipated it sharply and decisively bounced back not only above
its key points of 24267---24365---24386
but crossed its recent top of 24635.05
on the line chart also, which is a very positive sign and indicate that the up
move may continue provided it sustain above these key points. However if it
breaks these key points again and sustain below it then this time it is going
to witness sharp fall. Todays robust up move indicates that further rise is
very much likely in coming days off course with intermittent corrections.
Moving up it will face resistance at 24823.60---24944---25232.60---25427---25724---25953---26312
levels. It is important to mention here that sustained close above 24365 could take it to 26312---26492 levels in coming
days/weeks, which may please be noted.
In view of the above observation long trade can be tried if it moves
and maintains above 24825 for some
time or on decline at the appropriate points as mentioned above with
self-defined short stop losses but
not below 24267. In light of sharp
up move today short trade should be avoided in general but can 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 on decline at appropriate points or
near 24267 but not below it with a stop loss of 24170.
Or
Buy if it moves and maintain above 24825 for some time with a
stop loss of 24700.
2. Sell on the rise near or within the range of 25300--25400
with a stop loss of 25480. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it sustains below 24190 for some time with
a stop loss of 24270.It could be a risky trade but worth trying.
Or
Sell if it does not move above 24825 in first two
hours of trade even intraday with a stop loss of 24875.It could be a highly 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.