Open-25108--High-25760.70--Low-25085.70—Close-25682.80
on 3.11.2020
Support: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.
Resistance25723.55/25760.90/25953.50/26408/26492/2665/26950.
(Bold and underlined figures are most
important)
It exhibited tremendous strength and continued yesterday’s upsurge
today also which is an extremely positive sign and indicate that further rise
may be ahead and it is likely to hit the range of 26312---26492 in coming days off course with intermittent down
correction. Furthermore if it move and sustain above 26492 on the closing basis then it will open the upside up to 28720 which may be kept in mind. Please
note that its key points have moved up and now placed at 25102.47---24497---24365(these figures may change); sustained break
below 25102.47 may put it into short
term correction mode and break below 24497
and may push it into slightly deeper correction. The overall technical setup is
good and indicate that it may not have severe correction in coming days but one
never no because of huge volatility anything can happen, so be alert and
watchful.
Moving up the critical points
would be at:-25760.90----25953.50---26311---26492---26665--26950.
Moving up the critical
points would be at:-25232.60---25102.47---24695---24497---24365.
In view of the above observation long trade can be tried on decline but
not below 25102 or if it moves and
maintain above 25761 for some time intraday.
In light of last two days 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 25102 but not below it with
a stop loss of 24800.
Or
Buy if it maintains above 25761 for some time with a stop loss
of 25650.
2. Sell on the rise near or within the range of 26450--26550
with a stop loss of 26650. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it falls below 24800 and maintain for some
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 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.