Open-32388.75--High-32607.45--Low—32322.90—Close-32543.70
on 20.1.2021
Support:32465.45/32298.05/32272/31725.85/31660.75/31649.45/31510.25/31297.30/31264.05/30945.20/30893.65/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.
Resistance:32613.10/32718.95/33043/33327/33681.
(Bold and underlined figures are most
important)
As it closed above its important and critical points
of 32465.45 & 32505 therefore it
seems that the down correction is over and if it holds the 32465.45 level then the up move will continue. It is way above its
benchmark point of 29314. Its other key
points are placed at 32288—31835.79----30570---29813---28801.71(figures
can change) It is well above all the key points which is a positive sign.
But if it break 32288 & 31835
again then it will slip into very short term correction and this time it could
be severe, sustained break below 30570 on
the closing basis will push it into real short term correction mode, sustained
break below 29813 will push it into
medium term correction mode and most importantly sustained break below 28801.71 on the closing basis can push
it into long term correction mode and will potentially threaten the uptrend
also, which may please be noted.
The overall technical setup is still looking good. The correction seems to be over as it has closed above its important and critical points of 32465.45 & 32505 and if it sustains above these points on the closing basis then it is likely to cross its previous all-time high of 32613.10 and once it starts sustaining above it on the closing basis then it may head for a big rise, which may please be noted. It is important to mention here that if it closes below 32381.70 on 21-1-2021 and sustain below it then also it can slip into short correction again. The important range for the day would be between 32381.70---32465.45---32613.10---32719---33010. The long term bias is up as of now.
Moving down
its critical support points at 32505---32465.45--32381.70---32288—32272---31835.79---31725.85---31510.25---30945.20---30893.65---30570---30197.85---29813---29314---28800.71.
Moving up its critical resistance points
at 32613.10---32719---33010---33043---33126---33379---33681---34130---34323---34447---35440---36175---37700.
In view of the above observation for safe traders long trade can be
tried if it maintain above 32505 for
some time but it would be safe to try long trade once it closes above 32575, avoid buy on decline for the
day. However, aggressive traders can try long trade on decline but not below 32381 or if it sustain above 32505 for some time. Since correction
seems to be over therefore short trade in general should be avoided but can be
attempted after a reasonable rise in the appropriate range or on the price
breakdown for taking advantage of the intraday down 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 maintains above 32505 for some time with a stop
loss of 32410.
Or
Buy on decline at appropriate points or near 32381 but not below
it with a stop loss of 32270.It is for aggressive traders and could be a risky
trade.
2. Sell if it moves and maintains below 32270 for
some time with a stop loss of 32390.It could be a risky trade but worth trying.
Or
Sell on the rise near or
within the range of 32850---33050 with a stop loss of 33120.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.
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