Open—11697.35--High—11725.65—Low—11557.40---Close-11669.15
on 2.11.2020.
Support:11661/11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance:11684.85/11733/11761/11775.75/11794.25/11803/11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.
(Bold and underlined
figures are most important)
It showed little strength today but managed to close shade above its
first key point of 11661 but it is
not enough for the up move to continue and for that it has to close above 11733 and sustain on the closing basis
else it may resume the down move again. Moving down it may find support at 11661---11618---11553---11447---11407---11341---11270,
it may bounce back from any of these points for a pullback move, but sustained
break below 11661 on the closing
basis will be an alert sign for the down move to continue and fall may
accelerate if it moves below 11535 and
sustain on the closing basis. Similarly if it moves and sustain above 11733 on
the closing basis then only it can make an effort for the up move to regain the
up momentum ,else down move will continue , going up it will face stiff
resistance at 11780---11838---11910---11930---11981---12025.45.
The long term technical setup looks o.k. but
the short term view is mixed with a slight downward bias, but sustain close
above 11733 may change the
perception.
In view of the above observation for safe traders it is suggested to
avoid long trade till it closes above 11733.
However aggressive traders can try long trade if it maintains above 11670 and above 11733 for some time intraday or try on decline but not below 11642, but it is suggested to avoid
long trade on decline for the day. Since it is in correction mode it is strongly
suggested to adopt sell on the rise strategy at appropriate range or sell on
the price breakdown for taking advantage of corrective move.
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 if it moves and maintain above 11670 with a stop loss of
11620.It is for aggressive traders. It could be a risky trade.
Or
Buy on decline near but not below 11642 with a
stop loss of 11620.It is for aggressive traders. It could be a risky trade.
Or
Buy if moves and maintains above 11733 for some time with a stop
loss of 11690. It is for aggressive traders. It could be a highly risky trade.
2. Sell on the rise near or within the range of 11770---11820
with a stop loss of 11855 It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it does not move above 11733 for some time with a stop loss
of 11760 it could be risky trade but worth trying.
Or
Sell if it maintains below 11535 for some time
with a stop loss of 11610.
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.