NIFTY PHARMA INDEX
Open—11735.50--High—11753.45—Low—11596.70—Close—11623.35
on 6.11.2020.
Support:11571/11540/11444/11383/11233.95/11202/11096/11045/11005.90/10825.50/10704.60/ 10499/10353.90/9994.80/9894.70/9870.05.
Resistance:11705/11753.40/11781.40/11856.60/11937.80/12042.70/12091.50/12331/12343/12528.50/ 12729.50/13201.25/1325/13393/13490.60/13753.50/14020.70(all time high)
(Bold and underlined figures are most important)
Its long term technical setup looks o.k. as of now, but some technical indicators are showing weakness on the daily chart, which is slightly concerning. Its key points are 12465.13 & 11045 (this figure can change) as of now and if it moves and maintains above 12465.13 on the closing basis then it can gain good strength and regain the up momentum and may retest its all time high of 14020.70 or may go beyond also. Similarly if it moves below 11045 and sustain on the closing basis then it will get into deep correction and will seriously threaten the uptrend also, which may please be noted. Therefore the present range for it is between 12465.13---11045 and sustained breakout on the either side will decide which way it will move. It seems that it is consolidating now and in view of weak technical indicators on the daily chart it is evenly poised as of now, so traders may structure their trade keeping the aforesaid range in mind. The bias is mildly on the downside as of now.
Moving down the critical support points would be at:-11268.90---11186.50---11096.25---11045---11005---10497---10127---9994.80---9832.65---9687.95.
Moving up the
critical resistance points would be at:-11753.45---11923.95---12045.30---12343.70---12465.13---12528.85---12729.65---13201.25---13252.
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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