Open—12659.70--High—12735.95—Low—12607.70---Close-12719.95
on 13.11.2020.
Support:12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance: 12750/12770/12818/13419/13611/13640/1377914334/15043.
(Bold and underlined
figures are most important)
After yesterdays correction it closed positive on 13.11.2020 but clarity on correction completion will emerge once it
closes above its recent top of 12749.15
on the line chart and then moves above its critical resistance range of 12770---12818. Today is the truncated
trading session on the auspicious occasion of Diwali, therefore it seems that
there may not be much activity for the day and it may be range bound. But as it
is well above its key points of 12478.40---12430.50---12302.60---11528.70,(
except for 12430.50 other figures can
change), which speaks of tremendous strength.
Therefore the overall bias is on the upside as of now.
Moving down its critical
support points at 12607---12478.45---12430.50---12302---12280---12152---12025---11826---11782---11528.70---11257---11186.
Moving up its critical resistance points at 12750---12770---12818---13419---13611—13640.
In view of the above observation long trade can be tried, if it moves
and maintains above 12720 for some time
and avoid buy on decline for the day. Since it is showing good 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 if it maintain above 12720 for some time with a stop loss
of 12680.
2. Sell if it moves and maintains below 12680 with a
stop loss of 12725. It could be a risky trade.
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.