Important Levels for 01-11-2021.
The last two trading days were high range and high volume days. The overall trend was downwards but the bounces from lower levels were very fast and with good volumes. Every time a low is broken, the retracements are fast and furious making the market highly volatile, the best trade under such circumstances is to take a day off and just watch how the index moves.
The levels to watch out tomorrow will be 17790-17810, once we clear 17810, risky traders can take longs with SL of 17780, and aim for targets of 17850,17870,17900 and final target of 17930.
If we trade lower, shorts can be taken below 17685, with SL of 16725 for targets of 17650,17630,17610 and 17590.
If we open with a gap up, 17950 will act as a major resistance and we can short here if we see a negative candle with volumes.
The last two trading days were high range and high volume days. The overall trend was downwards but the bounces from lower levels were very fast and with good volumes. Every time a low is broken, the retracements are fast and furious making the market highly volatile, the best trade under such circumstances is to take a day off and just watch how the index moves.
The levels to watch out tomorrow will be 17790-17810, once we clear 17810, risky traders can take longs with SL of 17780, and aim for targets of 17850,17870,17900 and final target of 17930.
If we trade lower, shorts can be taken below 17685, with SL of 16725 for targets of 17650,17630,17610 and 17590.
If we open with a gap up, 17950 will act as a major resistance and we can short here if we see a negative candle with volumes.
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