Open-24737.85--High-24780.70--Low-24057.95—Close-24232.50
on 28.10.2020
Support: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.
Resistance24240/24365/24617.15/:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.
(Bold and underlined figures are most
important)
It is playing See—Saw with the key points of 24267---24365---24386, yesterday it decisively moved above these
points and today it has closed below all these points which is an extremely
weak sign and indicates that further
fall may be ahead if it does not bounce back above these points at the earliest.
Since it has broken 24386 levels
on the closing basis it has gotten into short-term correction mode, sustained
break below 23780 will push it into
medium term correction mode and most importantly sustained break below 23081on the closing basis will put it
into long term correction mode and will potentially threat the long term uptrend
which may please be noted. Moving down it may find support at 23897---23780---23678---23408---23341---23135---23081---22614.
It is imperative to mention here that sustained close above the key points
of 24267---24365---24386 is needed to
give some hope for the continuation of the up move else down move will
continue.
In view of the above observation for safe traders long trade can only be
tried if it moves and maintains above 24386
on the closing basis. However aggressive traders can try long trade if it moves
and maintain above 24386 for some
time intraday or on decline at the appropriate points as mentioned above with
self-defined short stop losses but
not below 23780. In light of today’s
down move it seems that correction may deepen in coming days therefore it is
suggested to attempt short trade either after a reasonable rise or on the price
breakdown for taking advantage of possible intraday correction or may be long correction,
till clarity on correction completion emerges.
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 23780 but not below it with a stop loss of 23670. It is for aggressive
traders. It could be a risky trade.
Or
Buy if it moves and maintain above 24386 for some time with a
stop loss of 24220.It is for aggressive traders and could be a risky trade.
2. Sell on the rise near or within the range of 24575--24700
with a stop loss of 24775. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintain 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 24386 in first two
hours of trade even intraday with a stop loss of 24440.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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