NIFTY IT NDEX
Open—21435.15--High—21582.20—Low—21281.55—Close—21492.25
on 6.11.2020.
Support:21247.55/20669.35/20548.30/20331.60/19874.85/18914.70/18353—18305/18095.
Resistance: 21582.20/21892.30/22619 (all time high)/23182.
(Bold and underlined figures are most important)
It is in long term uptrend and technical setup is pretty strong as of now. After hitting an all time high of 22619 on 13.10.2020 it corrected and made a bottom of 20548.30 on 29.10.2020 thereafter it is consolidating in the range of 22619---20548.30. As long as it holds 20548.30 it is expected that after consolidation it will move up again and likely to retest its top of 22619 and may go beyond also, but if it breaks 20548.30 marks it could correct further. Its key points are 19874.85 & 18095(figures can change), please note that sustained break below 19874.85 on the closing basis can push it into deep correction mode and sustained break below 18095 on the closing basis will be a potential threat to the uptrend and then it could slip into the bear market also, which may please be noted. The overall bias is strongly up as of now.
Moving down the
critical support points would be at:-21247.55---20669.35---20548.30---21331.60---19875.85----18914.75---18305---18095.
Moving up the
critical resistance points would be at:-21892.30---22206---22619---23182---23410---23900.
NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time, which may please be noted.
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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