Risk Takers were suggested to take long positions in the zone 20550-20560 for targets 20825-20850 -having 1:25 risk -reward ratio.
Intraday Traders booked 125-150 points from 20680-20700 to 20825-20850 in today's session as confirmed move above 20650 suggested yesterday.
It retraced current fall 21012 to 20560 exactly 61.8% where we booked profits.
It could be a part of the correction from highs 21042 or a new one to start downside from 21012 highs.
As I always say- I am never in a hurry to trade unless market commits to me -I don't commit to market.
If BN falls close to opening gap zone- 20641-20680 & holding above gapzone & bouncing above 20800 moves for Intraday target above 20900+ for safe traders & risk traders can take stops below 20600 for buying in the gap zone if it holds
Going below 20560- yesterday's swing low -in that case -can expect deep downside- targets shall come up once it confirms.
Going above 20833 - Current day's high can take BN to 20900+ as stated in scenario-1
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ