Open—12023.45--High—12025.45—Low—11661.30---Close-11680.35
on 15.10.2020.
Support:11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance: 11694.85/11761/11794.25/11802.65/11832.30/11929.60/11981.75/12000.35/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.
(Bold and underlined
figures are most important)
As anticipated it corrected today but in view of the strong technical
setup the sharp correction on the closing basis was not expected, today's down
move has given severe jolt to the ongoing up momentum and if it does not bounce
back and move above its key points of 11733
& 11805(figures can change) on the closing basis in next 2-3 trading session then it is heading
for deep correction. Going down it may find good support at 11618---11593---11553---11447---11407---11270—11081---11037,
it is important to mention here that moving down its key points would be 11447 &
11270 if it breaks and sustain below 11447 on the closing basis then it may put the uptrend into
potential danger and sustained break below 11270
on the closing basis will open the downside up to 10790 & 10551 which may please be noted. It may stage a bounce
back from any of these points but if it has the strength there is a good
possibility that it can stage a bounce back either from 11447 or 11270 levels whether for good or otherwise has to be seen.
Similarly to regain the up momentum from here I once again repeat that it has
to move above its key points of 11733
& 11805 and sustain on the closing basis else correction will continue.
Moving up it will face resistance at 11832.30---11929.60---12041.15---12068---12130---12178---12415---12430.50.
It seems that it has slipped into deep correction mode
therefore for safe traders long trade should be avoided till the correction
completion looks visible but can be tried if it moves and sustain above 11733 & 11805 on the closing basis.
However aggressive traders can try long trade for the day on decline near 11553 & 11447 but it could be a
highly risky trade mind you. In view of today’s sharp down correction it would
be better to adopt sell on the rise strategy as of now.
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 near 11553 but not below it with a stop loss
of 11520.It is for aggressive traders. It could be a highly risky trade.
Or
Buy on decline near but not below 11447 with a stop loss of 11400.It
is for aggressive traders. It could be a risky trade but worth trying.
2. Sell on the rise near or within the range of 11750---11800 with a
stop loss of 11840. It could be a risky trade but worth trying.
Or
Sell if it moves and maintain below 11660 for some time with a stop
loss of 11690.
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.