Open-25539.55--High-25891--Low-25142—Close-25771.60
on 4.11.2020
Support: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.
Resistance25891/25953.50/26408/26492/2665/26950/27164/27589.
(Bold and underlined figures are most
important)
It has been rising for the last three day and exhibiting tremendous strength,
therefore further rise is surely ahead at this point of time and it is likely to
hit the range of 26312---26492 in
coming days off course with intermittent down correction provided it holds its
key points of 25201.85---24596(figures
can change) on the closing basis. 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. It is important to mention here that sustained break below
25201.85 on the closing basis can
push it into short term correction mode and sustained break below 24596 can push it into slightly deeper
correction mode. The overall technical setup is good and indicates that it may
not have severe correction in coming days but one never know because of huge
volatility anything can happen and some it kills also, so be alert and watchful.
Moving up the critical points
would be at:-25953.50---26311---26492---26665--26950.
Moving down the critical points
would be at:-25201.85---25232.60---25020---24775---24430---24068.
In view of the above observation long trade can be tried on decline but
not below 25201.85 or if it moves
and maintain above 25891 for some
time intraday, it could be risky trade mind you. Since it is exhibiting extra
ordinary strength in 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.
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 25201.85 but not below it
with a stop loss of 25100.
Or
Buy if it maintains above 25891 for some time with a stop loss
of 25750.
2. Sell on the rise near or within the range of 26475--26575
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 25100 and maintain for some
time with a stop loss of 25230.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.