Open—11957.90--High—11974.55—Low—11908.75---Close-11930.35
on 23.10.2020.
Support:11929.60/11832.30/11802.65/11794.25/11775.75/11761/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance:11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.
(Bold and underlined
figures are most important)
It did gave a positive close today but failed to cross the recent top
of 11937.65 on the closing basis, however it could still
cross the desired points of 11937.65---11971.05---12025.45---12068
for the continuation of the ongoing uptrend in coming days provided it holds 11880 and finally 11775 on the closing basis as of now. It will give weak signal if
it breaks and sustain below 11880
and will grow further weak and put the ongoing uptrend in danger if it sustain
below 11775 on the closing basis and
will get into deep corrective mode if it sustain below 11733(this can change with upward movement in prices) on the
closing basis. Similarly if it moves and sustain above 12025.45 & 12068 on the closing basis then it may have
accelerated up move, which may be kept in mind. The overall chart setup is
strong as of now and indicates that the further up move is ahead in coming
days/week/months and it is very likely to retest it all time high of 12430.50 or may go beyond it also,
provided it holds it key points as mentioned above. The bias is bullish as of
now.
Moving down it will find support at 11880---11832---11803---11794---11775---11733---11694.85---11661---11618---11584---11549.
Moving up the upside target or the resistance points could be at 11937.65---11971.05--12025.45---12041.15---12068---12130---12178---12415---12430.50.
In view of the above observation it is suggested for the safe traders
to avoid long trade on the decline for the day but it can be tried if it
maintains above 11940 for some time.
However aggressive traders can try long trade if it maintain above 11940 or on the decline at the
appropriate points but not below 11775.
Please note that trying long trade on decline may be a risky affair for the day.
Since it has made lower top on the line chart and has still not crossed it, so
possibility of further down correction from here cannot be ruled out till it
cross the recent top on the closing basis, therefore short trade can also be
attempted after a reasonable rise at appropriate range 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 maintain above 11940 with a stop loss of 11875.
It could be a risky trade but worth trying.
Or
Buy on decline but not below 11775 with a stop loss of 11720.It
is for aggressive traders. It could be a highly risky trade but worth trying.
2. Sell on the rise near or within the range of 12040---12070
with a stop loss of 12100 It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintain below 11794 for some time with a stop
loss of 11840. 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 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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