Open-28108.70--High-28520.55--Low-27703.30—Close-28465.70
on 13.11.2020
Support:27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.
Resistance28525.45/29030.90/29156.25/29435.05/29612.55/30121.75/30220/30649/30801/30899/30996/31649.45.
(Bold and underlined figures are most
important)
After yesterdays correction it closed positive on 13.11.2020 but clarity on correction completion will emerge once it
closes above its recent top of 28845
on the line chart and then moves above its critical resistance range of 29030.90—29314 because if it moves and
sustain above 29314 on the closing
basis then big rise may be ahead.
Today is the truncated trading session on the auspicious occasion of Diwali,
therefore it seems that there may not be much activity for the day and it may
be range bound. But as it is well above its key points of 27752---26995.15 & 25983(figures can change with upward price
movement) which speaks of good strength. Therefore the overall bias is on the upside as
of now.
Moving down its critical support points at 28278---28066---27752---27595---27165---26995.15---26961---26321---25983---25735---24891---24696.
Moving up its critical resistance points at 28673---28720---29030.90---29314---29613---30220.
In view of the above observation long trade can be tried, if it moves
and maintains above 28470 for some time
and avoid buy on decline for the day. Since it is showing good strength for the
continuation of the up move, therefore short trade should be avoided in general
but can be attempted after a reasonable rise or on the price breakdown for
taking advantage of possible intraday correction or may be for long correction
at times.
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 maintain above 28470 for some time with a stop loss
of 28260.
2. Sell if it moves below 28260 with a stop loss of 28470.
It could be a risky trade.
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.