NIFTY METAL INDEX
Open—2649.90--High—2658.15—Low—2614.40—Close—2636.90
on 12.11.2020.
Support:2579.45/2484/2458.45/2410/2302/2279.45/2252.35/2218.20/2174.10/2107.55/2064.50/2018.55.
Resistance:2649.25/2685.15/2760.35/2829.10/2856.55/2925.95/2997.15/3044.50/3062.25/3177.40/3216.50/3366.15/3415.45/3480.35/3521.45/3704.80/3738.65/3855/3944.10/3984.55/4097.20/4218.70/4256.40.
(Bold and underlined
figures are most important)
It is looking good on the daily chart, furthermore it has
given breakout from one of its long term downtrend line which is also a
positive sign, but it is not that great on the weekly chart as it is facing
resistance from its long term moving averages on it as of now, but it is
improving and may take some time to cross the averages. Therefore in nut shell
it is likely to move up in coming days may be at slower pace and with
intermittent correction and can pick up momentum once its weekly chart crosses
the long term moving averages. Its key points are at 2571.80---2531.20---2383.30(figures can change with upside movement in
prices), sustained break below 2571.80
can push it into short term correction mode, sustained break below 2531.20 may push it into medium term
correction and sustained break below 2383.30
on the closing basis can push it into long term correction mode and will
potentially threaten the uptrend also, which may please be noted. Moving down
its critical support point would be at 2571.80---2531.20---2450---2425---2383---2319---2210---2107---2071---1931.
Similarly moving up its critical
resistance points would be at 2638---2708---2760---2871---3196---3321---3343---3480---3601.30---3701.25.
The overall chart setup is positive
therefore bias is 60% positive and 40% mixed as of now, but hopefully it is
likely to improve for good for the up move in coming days.
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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Thank you for sharing your views.