Open—12823.35--High—12828.70—Low—12749.45---Close-12780.25
on 14.11.2020.
Support:12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.
Resistance: 28818/12828.70/13419/13611/13640/1377914334/15043.
(Bold and underlined
figures are most important)
It crossed its closing top of 12749.15
today on the line chart and also crossed its resistance range of 12770---12818 intraday and closed
within the range, which is a positive sign. It is well above its key points of 12523.50---12430.50---12347.60---11573.75,(
except for 12430.50 other figures can
change), which speaks of tremendous strength.
Kindly note that it’s most important benchmark point is its previous major top
of 12430.50 and sustained break
below this mark will reduce the chances of resuming the up move again, break
below 12523.50 on the closing basis
will push it into short term correction mode, sustained break below 12430.50 will indicate that it could lose
steam for the up move, sustained break below 12347.60 will push it into medium term correction and most
importantly sustained break below 11573.75
can push it into long term correction mode and will potentially threaten the
uptrend, which may please be noted. Today’s move indicates that the correction
may be over and now if it moves above 12829
and sustain then it could show strong up momentum. The overall technical
setup is strong and indicates further up move ahead in coming days but off
course with intermittent correction.
Moving down its critical support points at 12769.75---12607.70---12523.50---12430.50---12347.60---12280---12182---12050---12025---11840---11794---11573.75---11271---11198.
Moving up its critical resistance points at 12818---12870---13032---13294---13419---13611—13640.
In view of the above observation long trade can be tried now or on the
decline at appropriate points or near 12690
but not below it for the day, but aggressive traders can try long trade on
decline up to 12523 but not below
it, but this could be a risky trade mind you. Please note that it may pick up
strong up momentum if it moves and maintain above 12829. Since it is showing robust 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 moves and maintain above 12829 for some time with a
stop loss of 12770.
Or
Can, buy at current market price with a stop loss of 12730.
Or
Buy on decline at appropriate points or near 12690 but not below
it with a stop loss of 12650. It is for safe traders.
Or
Buy on decline at appropriate points or near 12523 but not below
it with a stop loss of 12480. It is for aggressive traders. It could be a risky
trade.
2. Sell near or within the range of 12900---12950
with a stop loss of 13000. It could be a risky trade but worth trying for
intraday corrective move.
Or
Sell if it moves and maintains below 12650 with a
stop loss of 12700. It could be a 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.
No comments:
Post a Comment
Thank you for sharing your views.