Open-28792.25--High-29239.25--Low-28722.90—Close-29181.30on
17.11.2020
Support:29156.25/29030.90/28845/28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.
Resistance29239.25/29435.05/29612.55/30121.75/30220/30649/30801/30899/30996/31649.45.
(Bold and underlined figures are most
important)
It is perfectly moving up in a rhythm and showing good strength
therefore up journey may continue in coming days with in between down
correction. Furthermore it is well above its key points of 27911.40---27154---26142.20, (the figures can change), which speaks
of tremendous strength. Kindly note that sustained break below 27911.40 on the closing basis will push
it into short term correction mode, sustained break below 27154 will push it into medium term correction and most importantly
sustained break below 26142.20 can
push it into long term correction mode and will potentially threaten the
uptrend also, which may please be noted. Apart from the above mentioned key
points moving up it has one most critical point at 29314 and sustained close above this mark may take it up to its all
time high level of 32613.10 or
beyond, which may please be noted. The overall technical setup is strong and
indicates further up move may be ahead in coming days but off course with
intermittent correction.
Moving down its critical support points at 29030.90---28876---28652---28471---28290---28010---27911.40---27703.
Moving up its critical resistance points at 29314---29392---29538---29851---30220.
In view of the above observation long trade can be tried now or if it
moves and maintain above 29240 or on
the decline at appropriate points or near 28720
but not below it for the day, but aggressive traders can try long trade on
decline up to 28278 but not below
it, but this could be a risky trade mind you. Therefore it is suggested to
avoid long trade below 28720 for the
day. Since it is showing robust 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
and could be highly risky trade.
Or
Buy on decline at appropriate points or near 28720
but not below it with a stop loss of 28680.
Or
Buy if it maintains above 29240 for some time with a stop loss
of 29150.
2. Sell on the rise near or within the range of 29850--29950
with a stop loss of 30050. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintains below 28680 for
some time with a stop loss of 28750. It could be a risky trade but worth trying
for corrective move.
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.