Open—11879.20--High—11898.25—Low—11820.40---Close-11873.05
on 19.10.2020.
Support:11832.30/11802.65/11794.25/11761/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance: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)
It continued the up move today and crossed its 2nd key point of 11802
which indicates good strength; therefore it seems that the up move may be on
track again. But the significant point here 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 11789 levels, which may be kept in mind. It is needless to mention
here that to keep the up momentum going it has to remain above its key point of
11802 & 11733(the figure can with
significant price movement) break below these points could push it back
into corrective mode which may please be noted. Moving down it will find
support at 11832.30---11794---11694.85---11661---11618---11584---11549---11447---11270. The overall chart setup is strong enough as of now
therefore chances of moving up from here looks better and going up the upside
target or resistance point could be at 11929.60---12041.15---12068---12130---12178---12415---12430.50.
In view of the above observation for safe traders it is suggested to
try long trade on decline but not below 11802
or try if it moves and maintain
above 11900 for some time. However
aggressive traders can try long trade if it maintain above 11900 or on the decline but not below 11733. Please note that trying long call on decline may be a risky
affair for the day but can be tried because of technical strength. Since it
seems that it has picked up the up momentum again 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 moves and maintain above 11900 with a stop loss of 11860.
It could be a risky trade but worth trying.
Or
Buy on decline near but not below 11733 with a stop loss of 11690.It
is for aggressive traders. It could be a highly risky trade but worth trying.
Or
Buy on decline near but not below 11805 with a stop loss of
11775.It is for safe traders. It could be a highly risky trade but worth
trying.
2. Sell on the rise near or within the range of 11985---12067
with a stop loss of 12110 It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintain below 11733 for some time with a stop
loss of 11810. It could be 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.