Open-24367.60--High-25139--Low-24120.60—Close-24892.50
on 2.11.2020
Support:24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.
Resistance:25105.35/25139/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.
(Bold and underlined figures are most
important)
It is still doing whip-saw with the key point range of 24627—24581---24365(figures changed) but
today it has decisively crossed the range again, which is very positive sign
and if it sustain above this range then it will pick up strong up momentum in
coming days, else it may resume down move again. Moving up it may face
resistance at 25139---25232.60---25427---25724---25954---26408, sustained close above 24365 can take it up to 26300—26500
levels. Similarly break below 24627
can push it into short term correction mode again and break below 24581 & 24365 will accelerate the
fall. Moving down it may find support at 24310---24021---23867.75---23612. It exhibited tremendous strength today by giving
a robust up move, therefore there is a strong possibility that the up move
should continue provided it holds the key support points. But since it has been
fiddling around with the key range for number of times recently, therefore it
does not give enough confidence that it will
sustain today’s decisive up move , therefore next 2-3 days trading session are very important, so watch out.
In view of the above observation for safe traders long trade can only be
tried if it maintains above 24825 for
some time. However aggressive traders can try long trade if it maintains above 24825 for some time intraday or on decline
at the appropriate points but not below 24627.
In light of today's robust up move 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.
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 near 24627 but not below it with
a stop loss of 24500. It is for aggressive traders. It could be a risky trade.
Or
Buy if it maintains above 24825 for some time with a stop loss
of 24600.It is for aggressive traders and could be a risky trade.
2. Sell on the rise near or within the range of 25400--25500
with a stop loss of 25575. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it maintain below 24365 for some time with
a stop loss of 24500.It could be a highly risky trade but worth trying.
Or
Sell if it falls below 24800 and maintain for a
reasonable period of time with a stop loss of 24900.It could be a highly risky trade
but worth trying.
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 favourable 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.