Open-28685.70--High-28752.45--Low-28431.85—Close-28594.30on
14.11.2020
Support:28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.
Resistance28845/29030.90/29156.25/29435.05/29612.55/30121.75/30220/30649/30801/30899/30996/31649.45.
(Bold and underlined figures are most
important)
It closed on a positive note for the 2nd day today but could not close above its recent top
of 28845 on the line chart and could
not even go near to its critical resistance range of 29030.90—29314 but that does not mean that it is weak because it is
way above its key points of 27752---26995.15
& 25983(figures can change with upward price movement) which speaks of good
strength and may be after consolidation here it may cross the aforesaid hurdles
and pick up strong momentum which may take it up to its all time high level of 32613.10 or beyond. Similarly sustained
break below 27752 on the closing
basis will push it into short term correction mode, sustained break below 26995.15 will push it into medium term
correction and most importantly sustained break below 25983 can push it into long term correction mode which can
potentially threaten the uptrend, which may please be noted. Furthermore before
closing above 28845 if it breaks
below 28278 on the closing basis
then it could still slip into the correction mode, which may please be noted. The
overall technical setup is strong and indicates further up move ahead in coming
days but off course with intermittent correction.
Moving down its critical support points at 28523---28367---28210---28016---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 for safe traders long trade can be
tried if it maintains above 28600
for some time and avoid long trade on the decline for the day, but aggressive
traders can try long trade on decline also up to 28278 but not below it, but this could be a risky trade mind you.
Please note that it may pick up momentum if it moves above 28845 on the closing basis. 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 on decline at appropriate points or near
28278 but not below it with a stop loss of 28200.It is for aggressive traders.
Or
Buy if it maintains above 28600 for some time with a stop loss
of 28425.
2. Sell on the rise near or within the range of 29240--29320
with a stop loss of 29400. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintains below 28200 for
some time with a stop loss of 28300. 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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