Open-28039.45--High-28802.50--Low-27916.90—Close-28606
on 10.11.2020
Support: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.
Resistance27589/27754.45/28525.45/29156.25/29435.05/29612.55/30121.75.
(Bold and underlined figures are most
important)
It has been exhibiting tremendous strength and
continuously moving up and this up move may continue with in between down
correction in coming days, provided it respect its key points mentioned below.
But the major concern is that it has not filled the gap it created on 5.11.2020 and if it makes an attempt to
fill the gap in next 1 days time
which is technically possible then it could come down to 25891. However if it does not fill the gap in next 1day then concern for filling this gap
may be over for the time being. It has created another gap on 9.11.2020 and similarly if it makes an
attempt to fill the gap in next 2-3
days time which is technically possible then it could come down to 26853 , but if did not fill the gap in
next 3-4 days then concern for
filling this gap may be over too for the time being. Furthermore it has created
gap today also and if it makes an effort to fill the gap in next 3-4 days which is technically possible
then it could come down to 27595.
Therefore chances of it coming down to 25891
cannot be ruled out for the next 1 trading
session at least. Please note that 3
gaps in a span of 7 days is
concerning, it could come down sharply if it attempts to fill the gap.
Furthermore it has had a vertical &
straight rise in the last seven days from 24120 points to 28802.50 intraday, so
correction looks imminent and can happen any time soon. Please note that now its key points are at 27577.70 & 26820.70(figures can change
with upward price movement) as long as it holds these key points on the
closing basis the ongoing up move will continue off course with intermittent
down correction, but sustained break below
27577.70 on the closing basis can
push it into short term correction mode and sustained break below 26820.70 can push it into slightly
deeper correction. Moving down it may find support at-28525---27577.70---27164---26820.70---26655---26207---26073---25891---25594---24837---24604---23612.
The technical setup is strong enough as of
now, so even if it corrects it is likely to resume the up move again provided
it bounce back above its key points after correction is over. Moving up
it will face resistance at 28720---28803---29314---29613---30220. The bias is up as of now. I once again repeat that it is very strong
on the technical footing as of now but at the same time it is highly vulnerable
for correction also at this point of time.
It is most important to note
that it will face very tough resistance in the range of 27720—29314 and it
might make top in this range or earlier also for the time being or may be for
good for a reasonable period of time, which may please be noted, but if it
moves above 29314 and sustain on the closing basis then
it is very much likely that it will retest it’s all time high of 32613.10 or
may go beyond it also. So be watchful
and alert in long trade in the above mentioned top out range.
In view of the above observation long trade can be tried, if it moves
and maintains above 28803 for some
time or on the decline at appropriate points or near 27577.70 but not below it. Please
note that long position can be tried above 27577.70
in any case 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
27577.70 but not below it with a stop loss of 27480.
Or
Buy if it maintains above 28803 for some time with a stop loss
of 28700.
2. Sell on the rise near or within the range of 29200--29300
with a stop loss of 29375. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintains below 27480 for
some time with a stop loss of 27590. It could be a risky trade but worth
trying.
Or
Sell if does not move above 28803 in first hour of
trade with a stop loss of 28875. 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 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.
No comments:
Post a Comment
Thank you for sharing your views.