Open—11783.35--High—11929.65—Low—11756.40---Close-11908.50
on 4.11.2020.
Support:11841.30/11832.30/11803/11794.25/11775.75/11761/11733/11661/11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance: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 moved up today also and gave positive close and well above its key
point of 11733(it can change with price movement), therefore as long as it
holds the key point it is expected to continue the up move in coming days. Moving
up it will face resistance at 11910---11928---11982---12025.45----12068---12103.05---12159,
if it moves and sustain above 11928
on the closing basis then it could retest or go beyond its recent top of 12025.45. Similarly sustained break
below 11733 can push it back into
correction mode which may please be noted. Going down it may find support at-11856---11838---11794.25---11775.75---11761---11733---11661---11618---11535.
The overall technical setup is strong and indicates that it could carry on
the up move in coming days off course with intermittent down correction.
In view of the above observation long trade can be tried, if it moves
and maintains above 11930 for some
time or on the decline but not below 11733.
Since it is showing 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.
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 11930 with a stop loss of
11890.
Or
Buy on decline near but not below 11733 with a
stop loss of 11700.
2. Sell on the rise near or within the range of 12070---12125
with a stop loss of 12160 It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves below 11700 and sustain for some time with a stop
loss of 11750 it could be 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.